ICICI Lombard receives GST notice worth Rs 288 crore

ICICI Lombard General Insurance Company was issued a GST show-cause notice amounting to ₹288 crore for the financial year 2020.

May 24, 2024 - 15:45
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ICICI Lombard receives GST notice worth Rs 288 crore

On May 23, ICICI Lombard informed the stock exchanges that they were issued a show cause notice by the GST Officer of the Department of Trade & Taxes, Government of N.C.T. of Delhi. The insurance company stated that the notification is requesting further information about a purported GST obligation from April 2019 to March 2020.

The company is required to give explanations about a purported GST liability for the fiscal year 2019-2020 by Section 73(1) of the Central Goods and Services Tax Act, 2017, as stated in the notice delivered on May 22, 2024, at 3:22 p.m.

The show cause notice outlines a request totaling Rs 1,49,55,43,768, along with Rs 1,24,34,72,940 in interest and Rs 14,95,54,377 in penalties.

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