The Directorate General of GST Intelligence (DGGI) has issued multiple show-cause notices for a tax claim of Rs 922.58 crore from Reliance General Insurance Company (RGIC), a subsidiary of former Anil Ambani group company Reliance Capital (RCAP).
The move assumes significance as RCap, which is currently under a debt resolution process through the National Company Law Tribunal (NCLT), constitutes around 70% of RCap’s net worth.
RGIC received a total of four show-cause notices – Rs 478.84 crore, Rs 359.70 crore, Rs 78.66 crore and Rs 5.38 crore – on revenue generated from its services such as reinsurance and co-insurance, sources close to the development said.