ICICI Lombard Receives GST Demand Notice Exceeding Rs 5.66 Cr
ICICI Lombard disclosed on Wednesday that it has received a demand notice alleging a shortfall in GST payment of more than Rs 5.66 crore.
In an official filing, ICICI Lombard General Insurance Company reported the receipt of an order from the Joint Commissioner CGST & Central Excise, Bhopal, Madhya Pradesh, citing a GST demand totaling Rs 5,66,02,264 along with a penalty of Rs 56,60,226.
Considering both the GST dues and the penalty, the total demand exceeds Rs 6.22 crore, alongside an additional interest as per Section 50 of the GST Act.
The company stated its intent to file an appeal against this order.
The GST demand is attributed to the assessment of the company's input tax credit and alleged discrepancies in the company's filed returns, as per ICICI Lombard's statement.
