Nippon Life India Asset Management Limited received order from The Joint Commissioner, CGST & CX Commissionerate, Mumbai- Central. Demand order received by the Company u/s 74 of the Central Goods and Services Tax Act, 2017 ("the Act") for the period from 1st July 2017 to 31st October 2018. GST demand of INR 126,606,020; Applicable Interest u/s 50 of the Act Penalty of INR 126,606,020 The Company had already deposited an amount of INR 25,321,205 under protest in the said matter.
Alleged availment of ineligible Input Tax Credit on brokerage paid to Mutual fund distributors pertaining to period from 1st July 2017 to 31st October 2018. There is no material impact on financials, operations, or other activities of the Company. Date of receipt of direction or order: 6 February 2025 at 3:40 p.m.
Nippon Life India Asset Management Limited is an asset management company. The Company’s principal activity is to act as an investment manager to Nippon India Mutual Fund. The Company is involved in managing mutual funds, such as exchange traded funds (ETFs); managed accounts, including portfolio management services, alternative investment funds and pension funds, and offshore funds and advisory mandates. Its four offshore schemes include UCITS Equity Fund, UCITS Fixed Income Fund, India Fixed Income ETF, and Managed Accounts. The Company acts as an advisor for India focused Equity & Fixed Income funds in Japan. It also manages offshore funds and distribution through its subsidiary Nippon Life India Asset Management (Singapore) Pte. Ltd. (NAM Singapore or NAMS), and also through its representative office in Dubai. The overseas subsidiary helps to cater to institutional and high net worth investors across Asia, Middle East, United Kingdom, United States, Latin America, and Europe.
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