ICICI Lombard gets show-cause notice for non-payment of ₹1,728.80 crore in GST
₹1,728.80 crore. The notice was served for non-payment of tax for a period of July 2017 to March 2022, the company said in a filing to the stock exchanges.
The demand pertains to non-payment of GST on co-insurance premium and re-insurance commission. ICICI Lombard has said it will file an appropriate response to the notice within the prescribed timeline.
“The show cause cum demand notice refers to matters relating to industry wide issues and based on the advice of its tax advisors, the company will be filing appropriate response to the said show cause cum demand notice within the prescribed timeline," the company said. In August, too, ICICI Lombard had received a notice for non-payment of ₹273.4 crore in taxes along with interest.
For the June ended quarter, the insurer reported a 12% year-over-year (y-o-y) increase in net profit to ₹390.4 crore. ICICI Bank, meanwhile, recently received approval from the Reserve Bank of India (RBI) to raise its ownership in subsidiary ICICI Lombard.
The regulator has allowed the bank to gradually increase its stake in the insurer by up to 4% in tranches. At 1107 am, shares of ICICI Lombard were down 1.5% at ₹1282.70 on the BSE."Exciting news! Mint is now on WhatsApp Channels
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