General Insurance Corporation of India Faces Rs 350.47 Crore Income Tax Demand:

General Insurance Corporation of India Faces Rs 350.47 Crore Income Tax Demand General Insurance Corporation (GIC), India’s sole domestic reinsurance company, recently issued a disclosure to the stock exchange regarding receipt of a demand order. Background of the Case The company stated that it has received an assessment order and a demand order from the Income Tax Department amounting to Rs 3,50,47,88,210.

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The Tax Department made additions on the following grounds:

• TP additions of Rs 88.84 crore
• Disallowance of 14A expenses of Rs 2.70 crore
• Payment made to unregistered GST entities of Rs 565.01 crore
• Amortisation of the premium of the investment of Rs 52.82 crore and
• Provision for doubtful debts of Rs 329.48 crore.

Key Details of the case

Particular	Detail
Issuing Authority	Income Tax Department, Mumbai
Demand of	Rs 3,50,47,88,210
Orders	Assessment order under section 143(3) Demand order under section 156
Date of receipt of order	April 10, 2026
Financial Impact on Company	NIL

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Company's Further Step The company further mentioned that it will approach the National Faceless Appeal Centre (NFAC) within 30 days, following consultation with its direct tax consultants. Company's Disclosure The company made the above disclosure under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 ("Listing Regulations").