ICICI Lombard gets Rs 1,728-cr GST demand notice

New Delhi: 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” ICICI Lombard said.