GST department issued a show cause notice to this company of Anil Ambani, it will have to be paid 922.58 crores

Reliance General Insurance Company headed by industrialist Anil Ambani has received several reasons for the total value of Rs 922.58 crore from the GST department. Reliance General Insurance Company is a subsidiary of Reliance Capital.

In the report of the news agency PTI, sources were quoted as saying that the company has received a total of four show cause notices. Notice that this is Rs 478.84 crore, Rs 359.70 crore, Rs 78.66 crore, and fourth is Rs 5.38 crore. These notices are about the company's business like re-insurance and co-insurance.

According to the tax expert, RGIC audits will have to show the amount recorded in the notice as a casual liability in the September 30 results.

RGIC is part of Reliance Capital. The company is undergoing the loan solution process through NCLT. RGIC holds around 70 percent stake in Reliance Capital.

According to the information, RGIC received a notice of Rs 478.84 crore on 28 September. This notice is about the commission on re-insurance. The GST issuing agency DGGI (Directorate General of GST Intelligence) says that the commission earned on re-interaction is part of the company's income. For this reason, the company will have to pay GST on this.

This has received a GST notice of Rs 359.70 crore on co-insurance. The third notice is about ITC. It is about Rs 78.66 crore. The fourth notice is about non-payment of GST, which is about 5.38 crores.