ICICI Lombard General Insurance Company revealed on Wednesday that it has received a demand notice for an alleged shortfall in Goods and Services Tax (GST) payment amounting to over Rs 5.66 crore. The regulatory filing disclosed that the company received an order from the Joint Commissioner CGST & Central Excise in Bhopal, Madhya Pradesh, indicating a GST demand of Rs 5,66,02,264 and imposing a penalty of Rs 56,60,226.
Read more: Telangana Tax Authority issues GST Notice of Rs 138 crores to LIC
Considering both the GST and penalty, the cumulative demand stands at over Rs 6.22 crore. Additionally, interest under section 50 of the Central Goods and Services Tax (CGST) Act will be applied.
In response to this notice, ICICI Lombard stated, “The company will be filing an appeal against the said order.”
The GST demand is attributed to the computation of input tax credit eligible to the company and alleged undischarged tax liability arising from variances in the returns filed by ICICI Lombard, according to the company’s statement.
On the Bombay Stock Exchange (BSE), shares of ICICI Lombard were trading at Rs 1413.05, reflecting a 0.22 percent decrease from the previous close.
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