ICICI Lombard receives GST show cause notice worth Rs 288 crore for FY20

The show cause notice specifies a demand amounting to Rs 1,49,55,43,768, interest of Rs 1,24,34,72,940 and penalty of Rs 14,95,54,377.

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26 Aug, 2025 12:21

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ICICI Lombard disclosed to stock exchanges on May 23 that it has received a show cause notice from the GST Officer of the Department of Trade & Taxes, Government of N.C.T. of Delhi. The insurance firm said the notice seeks clarifications regarding an alleged GST liability for the period from April 2019 to March 2020.

The notice, delivered on May 22, 2024, at 3:22 p.m., under Section 73(1) of the Central Goods and Services Tax Act, 2017, demands the company to provide clarifications regarding an alleged GST liability for the fiscal year 2019-2020.

The show cause notice specifies a demand amounting to Rs 1,49,55,43,768, interest of Rs 1,24,34,72,940 and penalty of Rs 14,95,54,377.

The show cause notice (SCN) requests tax payment and clarification on the following points:

1) Entitlement for Input Tax Credit availed by the Company and corresponding reconciliation with various parameters mentioned in the SCN.

2) Reconciliation difference between values reported in monthly returns with corresponding annual return.

In response to the notice, ICICI Lombard has affirmed its commitment to engaging with the authorities by filing an appropriate response within the prescribed timelines. Additionally, ICICI Lombard has indicated its readiness to explore other legal avenues to address the show cause notice.

ICICI Lombard was in the news recently when Bharti Enterprises sold 38.5 lakh insurance company's shares at an average price of Rs 1,722.5 per share, totalling Rs 663 crore.

For the quarter ended March 2024, ICICI Lombard General Insurance reported a net profit of Rs 519 crore for the quarter ended March 31, 2024, a 19 percent year-on-year rise versus Rs 436 crore in the year-ago period.

At the end of May 23, the scrip settled at Rs 1,663.75 apiece on the BSE, which was 0.98 percent higher (or Rs 16.20) as against the previous day's close.