NIA receives GST notice

The New India Assurance Company Limited on Tuesday said that it has received a Goods and Services Tax (GST) demand notice of Rs 2,379 crore. The order was issued by the Additional Commissioner of Central GST, Palghar Commissionerate, the company informed in a stock exchange filing. The insurance company, however, said that the order will not affect its financial or operational activities. It cited a clarification issued by the Central Board of Indirect Taxes and Customs (CBIC) and the advice of its tax consultants as the basis for having a “strong case to defend on merits.” The company added that it will take appropriate action within the prescribed timelines and file its response before the authorities.