GIC of India has received an income tax demand notice of Rs 350.47 crores for assessment year 2023-24, the company disclosed in a regulatory filing on 10th April 2026. The notice was issued under Section 156 of the Income Tax Act, 1961, by the Assessment Unit of the Income Tax Department, Mumbai.

Details of the Tax Demand

The demand notice follows an assessment order under Section 143(3) of the Income Tax Act and pertains to various additions made by the tax authorities. The company has provided detailed information about the nature of violations alleged by the authorities.

Breakdown of Alleged Violations

The tax demand is based on several grounds of additions made by the assessment officer:

• Transfer Pricing Additions: Rs 88.84 crore
• Disallowance of 14A Expenses: Rs 2.70 crore
• Payment to Unregistered GST Entities: Rs 565.01 crore
• Amortization of Premium on Investment: Rs 52.81 crore
• Provision for Doubtful Debts: Rs 329.48 crore

Company's Response and Next Steps

General Insurance Corporation of India has indicated that it will challenge the demand notice based on the merits of the matter. The company plans to pursue an appeal before the National Faceless Appeal Centre (NFAC) or explore other legal options against the said notice.

Financial and Operational Impact

The company has stated that there will be no immediate impact on its financial, operational, or other activities. This assessment is based on the company's confidence in the merits of its case and its intention to contest the demand through appropriate legal channels. The disclosure was made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, ensuring transparency with stakeholders regarding this significant development.

gic of india has filed its quarterly compliance certificate under SEBI regulations for the quarter ended March 31, 2026. The government-owned general insurance company submitted the mandatory documentation to stock exchanges on April 10, 2026, demonstrating adherence to regulatory requirements.

Regulatory Compliance Filing

The company filed its certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 with both BSE Limited and National Stock Exchange of India Limited. Company Secretary and Compliance Officer Satheesh Kumar signed and submitted the documentation on behalf of General Insurance Corporation of India.

Registrar Certification

KFin Technologies Limited, acting as the company's Registrar and Share Transfer Agent, provided the compliance certificate. Assistant Vice President Mohd Mohsin Uddin certified that no requests for dematerialization or rematerialization were received during the quarter ended March 31, 2026.

The registrar confirmed that since no demat/remat requests were processed during Q4FY26, no reports were required to be furnished to the stock exchanges where General Insurance Corporation of India's shares are listed.

Depository Communications

KFin Technologies issued identical certificates to both major depositories:

• National Securities Depository Limited (NSDL) - Located at Trade World, Kamala Mills Compound, Lower Parel, Mumbai
• Central Depository Services (India) Limited (CDSL) - Located at Marathon Futurex, Lower Parel East, Mumbai

Both certificates confirmed zero dematerialization and rematerialization requests during the specified quarter, ensuring compliance with SEBI's regulatory framework.

Company Information

General Insurance Corporation of India operates as a government-owned company with CIN L67200MH1972GOI016133 and IRDA Registration Number 112. The company maintains its registered office at "Suraksha", 170, J. Tata Road, Churchgate, Mumbai - 400020.