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ICICI Lombard says it has got Rs 1729 cr tax demand from GST Intelligence

ICICI Lombard says it has got Rs 1729 cr tax demand from GST Intelligence
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ICICI Lombard stock reacts after company receives GST show cause notice of Rs 1728 crore

After receiving warning from Directorate General of GST Intelligence (DGGI) for failing to pay tax of around Rs 1,728 crore for a period of five years beginning in July 2017 and ending in March 2022, ICICI Lombard General Insurance finished the .

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icici lombard share price: ICICI Lombard slips over 1% on Rs 1,728 86 crore GST notice for alleged non-payment

As per the filing to the exchanges, the alleged shortfall relates to Delta Corp and its two subsidiaries, Highstreet Cruises and Entertainment Pvt. Ltd and Delta Pleasure Cruise Company Private Limited.

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GST Revenue Leak: ICICI Lombard faces ₹1,728 9 crore tax demand amid ongoing investigations

ICICI Lombard, a general insurance company, has been served a show-cause notice by a central law enforcement agency for allegedly not paying Rs 1,728.9 crore worth of tax over a period of five years. The Directorate General of GST Intelligence has been investigating 30 insurance companies for GST evasion, with discrepancies amounting to Rs 3,500 crore detected so far. ICICI Lombard had previously received a show-cause notice demanding Rs 273 crore in taxes. HDFC Life also received a similar notice demanding Rs 942 crore in taxes.

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ICICI Lombard gets Rs 1,728 crore GST demand notice from DGGI

In a regulatory filing, ICICI Lombard said it received a show cause cum demand notice from the Directorate General of GST Intelligence, Pune Zonal Unit on September 27, alleging a tax demand of Rs 17,28,86,10,803.

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