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Introduction ICICI Lombard General Insurance Company, a prominent player in the insurance sector, has encountered a significant setback as it received a demand notice for the alleged short payment of Goods and Services Tax (GST) amounting to over Rs 5.66 crore. The notice, issued by the Joint Commissioner CGST Central Excise in Bhopal, Madhya Pradesh, not only imposes a hefty GST demand but also includes a substantial penalty. Key Details In a regulatory filing, ICICI Lombard discl
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FAQ :
The GST demand notice against ICICI Lombard is for over Rs 5.66 crore, with an additional penalty of Rs 56.6 lakh, making the total demand exceed Rs 6.22 crore.
The notice was issued by the Joint Commissioner CGST & Central Excise in Bhopal, Madhya Pradesh.
The demand is reportedly due to issues concerning the calculation of eligible input tax credit and alleged differences in the returns filed by ICICI Lombard.
ICICI Lombard plans to challenge the order and will be filing an appeal against the GST demand and penalty.
Following the announcement, ICICI Lombard's shares saw a slight dip of 0.22 per cent on the Bombay Stock Exchange.
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