GIC Share Price in Focus; ₹350 Crore Tax Demand, Appeal Planned Before NFAC

State-owned reinsurer General Insurance Corporation of India (GIC Re) has received an income tax demand notice for Assessment Year 2023–24. The development relates to various adjustments made during assessment proceedings. 

The company has indicated that it will challenge the order through the appropriate appellate mechanism.

Tax Demand Notice Details

GIC Re stated that it has received a demand notice under Section 156 of the Income Tax Act, 1961. The demand amounts to ₹350.47 crore and arises from an assessment order passed under Section 143(3).

The notice was issued by the Income Tax Department’s Assessment Unit on April 10, 2026.

Key Components of the Demand

According to the company’s disclosure, the demand is linked to multiple adjustments, including:

• Transfer pricing additions of ₹88.84 crore
• Disallowance under Section 14A amounting to ₹2.70 crore
• Payments made to unregistered GST entities totalling ₹565.01 crore
• Amortisation of premium on investments of ₹52.81 crore
• Provision for doubtful debts of ₹329.48 crore

These adjustments contributed to the overall tax demand raised by the authorities.

Company’s Response

GIC Re has stated that it intends to file an appeal against the assessment order before the National Faceless Appeal Centre (NFAC).

The company has not indicated any immediate financial impact but has formally communicated its intention to contest the demand through the appellate process.

GIC Share Price Performance

As of 2:28 PM on April 13, 2026, shares of General Insurance Corporation of India were trading at ₹389.70, down ₹7.90 or 1.99% from the previous close of ₹397.60.

The stock movement reflects intraday weakness following recent developments and broader market conditions.

Read More: Nifty Small Cap 100 Falls Over 1% Amid Broad-Based Selling; PSU Banks Lead Decline.

Conclusion

GIC Re has received a tax demand of ₹350.47 crore for FY23 following assessment adjustments across multiple items. The company plans to challenge the order before the appellate authority. Further developments will depend on the outcome of the appeal process.

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