The New India Assurance Company , a prominent player in the Indian insurance sector, has reported its premium collection figures for September, showcasing a modest growth in its business.

Premium Collection Highlights

The insurance giant has announced that its premium collection for September reached ₹32.52 billion, marking a 3.5% increase compared to the same period in the previous year. This growth indicates a steady performance in the company's core business activities.

Market Implications

The reported increase in premiums suggests that The New India Assurance Company has maintained its market position and potentially expanded its customer base. In the competitive insurance landscape, even modest growth can be seen as a positive indicator of the company's resilience and market strategy.

For investors and market analysts, this data provides insight into the company's operational performance and could be a factor in assessing its financial health and market competitiveness.

Looking Ahead

While the 3.5% growth is a positive sign, stakeholders may be keen to see how this performance fits into the company's broader financial picture and long-term growth strategies. Future reports on quarterly or annual results will likely provide a more comprehensive view of The New India Assurance Company's overall financial standing and market trajectory.

The New India Assurance Company , a prominent player in the Indian insurance sector, has received significant updates on multiple GST-related cases. The company disclosed these developments in regulatory filings under SEBI regulations.

Major Relief in Mumbai South Case

The insurance giant has received partial relief in a significant GST case from the Joint Commissioner CGST & Central Excise, Mumbai South. The company had originally faced a show cause notice for ₹2,298.07 crore for the period April 2018 to March 2023.

The adjudicating authority dropped a substantial portion of the original demand, confirming only ₹110.12 crore along with applicable interest and penalty. This represents a significant reduction from the initial demand.

Additional GST Demand from Delhi

In a separate case, the company has received another GST order from the Assistant Commissioner, New Delhi. This order pertains to the financial year April 2021 to March 2022.

Nature of Allegations

The GST demands stem from various compliance issues:

Mumbai South Case:

• Non-reversal of proportionate Input Tax Credit (ITC) under Rules 42/43

Delhi Case:

• Excess claim of ITC
• ITC to be reversed on non-business transactions and exempt supplies
• Under declaration of ineligible ITC
• ITC claimed from cancelled dealers, return defaulters and tax non-payers

Company's Response Strategy

Based on advice from tax consultants, The New India Assurance Company believes it has strong cases to defend on merits in both matters. The company is in the process of challenging both orders before the First Appellate Authority within prescribed timelines as per GST law provisions.

Financial Impact Assessment

The company has stated that there is no impact on its financial, operational, or other activities pursuant to these orders. The total confirmed demand across both cases stands at approximately ₹179 crore, significantly lower than the original demands faced by the company.

As these appeals progress through the GST appellate process, stakeholders will be monitoring the outcomes and their potential implications for the insurance sector's GST compliance practices.