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

General insurer says it will file a response to the notice based on advice from its tax advisors

The Directorate General of Goods and Services Tax (GST) Intelligence has issued a tax demand and Show Cause Demand Notice to ICICI Lombard General Insurance Company worth Rs 1728.9 crore for alleged non-payment of taxes from July 2017 to March 2022.

“The alleged demand and the impugned Show Cause Cum Demand Notice pertains to non-payment of GST on the Co-insurance premium accepted as follower in case of coinsurance transactions and non-payment of GST on re-insurance commission accepted on the reinsurance premium ceded to various Indian and Foreign reinsurance companies during the period July 2017 to March 2022,” said the company in an exchange filing late Wednesday.

 

The general insurer said it will file an appropriate response to the notice based on advice from its tax advisors.

It had in August received a tax demand related to motor insurance claims worth Rs 273 crore. The company deposited Rs 104 crore under protest without taking any responsibility of the liability.

At 11.35 am on Thursday, the company was trading 2.09.76 per cent down at Rs 1,276.40 on the National Stock Exchange. On the BSE, it was 2 per cent down at Rs 1276.75.