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RELIANCE GENERAL INSURANCE GETS RS 922 CR GST NOTICES
The Business Guardian
|October 09, 2023
Reliance General has received multiple show-cause letters from the Directorate General of GST Intelligence (DGGI) totaling Rs. 922.58 crore
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Reliance General Insurance Company (RGIC), a Reliance Capital subsidiary, is in a difficult situation as a result of repeated show cause notes (SCNs) issued by the Directorate General of GST Intelligence (DGGI), which result in a total tax demand of Rs 922.58 crore. This development occurs at a critical point, with Reliance Capital currently undergoing debt resolution under the National Company Law Tribunal (NCLT) process. The Hinduja group has emerged as the winner of the acquisition bid, which is now awaiting Supreme Court (SC) approval. This comes after the Torrent group, the winner of the first round, challenged the second auction conducted by Reliance Capital’s lenders. The Torrent plea is scheduled for a hearing on October 11.
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