GST investigation agency DGGI has served a Rs 1,728 crore demand notice on ICICI Lombard General Insurance for non- payment of tax in certain supplies between July 2017 and March 2022.
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.
"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 co-insurance 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," ICICI Lombard said.
It further said the notice pertains to matters relating to industry wide issues, and the company will be filing appropriate response to the said notice.
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