ICICI Lombard has received an order for a GST demand of ₹22,50,74,432, plus interest, and a penalty of ₹2,25,07,443. The demand pertains to GST related to various states for the financial years 2021-22 to 2023-24. ICICI Lombard intends to appeal the order and evaluate other legal options, including filing a writ petition.
GST Demand Received
ICICI Lombard General Insurance Company has received an order from the Additional Commissioner, CGST & Central Excise, Palghar, raising a GST demand.
Financial Implications
The order specifies a GST demand of ₹22,50,74,432, alongside applicable interest as per Section 50 of the Central Goods and Services Tax Act, 2017. Additionally, a penalty of ₹2,25,07,443 has been levied under Section 73(9) of the Act.
Period Under Review
The GST demand pertains to various states and covers financial years FY2021-22 to FY2023-24.
Company Response
ICICI Lombard plans to pursue an appeal against the order and is also considering other legal options, including the possibility of filing a writ petition.
Source: BSE
