According to a regulatory filing, ICICI Lombard, on August 8, received a show cause notice, dated July 26, alleging a tax demand of ₹ 273,44,50,284 under the GST Act along with interest and penalty.
ICICI Lombard General Insurance has received a ₹ 273.44 crore-tax demand notice from the Directorate General of GST Intelligence with regard to settled motor insurance claims.
According to a regulatory filing, ICICI Lombard, on August 8, received a show cause notice, dated July 26, alleging a tax demand of ₹ 273,44,50,284 under the GST Act along with interest and penalty.
“The matter largely relates to an industry-wide issue on applicability of GST on salvage adjusted and ineligible input tax credit, on motor claims settled. The company has deposited ₹ 104,13,18,970 under protest, without accepting any liability in this regard,” it said.
Further, ICICI Lombard said the company would be filing its response to the show cause notice.
