Quick Summary
ICICI Lombard General Insurance has received a tax demand notice from the Directorate General of GST Intelligence for a sum of ₹273.44 crore. The notice is related to settled motor insurance claims and alleges a tax demand under the GST Act, including interest and penalty. The issue revolves around the applicability of GST (Goods and Services Tax) on salvage adjusted and ineligible input tax credit, specifically on motor claims that have been settled. ICICI Lombard has stated that it consider
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FAQ :
ICICI Lombard has received a GST notice amounting to ₹273.44 crore.
The notice is related to settled motor insurance claims, specifically concerning the applicability of GST on salvage adjusted amounts and ineligible input tax credit.
No, ICICI Lombard has deposited ₹104.13 crore under protest, indicating they do not accept liability for the demand.
ICICI Lombard considers this an industry-wide issue and intends to file a response to the show cause notice.
The notice was issued by the Directorate General of GST Intelligence.
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