ICICI Lombard slips over 1% on Rs 1,728.86 crore GST notice for alleged non-payment
ICICI Lombard General Insurance Company slipped over 1% as it received a show-cause cum demand notice from the government with a tax demand of Rs 1,728.86 crore on alleged non-payment of GST.
The show cause notice was received by the company on Wednesday, the information on which was given by the company late night.
«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 coinsurance 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,» the exchange filing said.
The shares of ICICI Lombard were trading at Rs 1,284.95 on the NSE in the opening trade, down by Rs 18.65 or 1.43%. It had ended at Rs 1,303.60 on the NSE on Wednesday, down by Rs 9.70 or 0.74%.
Recently, Indian casino operator Delta Corp plunged as much as 20% on Monday to their lowest since January 2021, after the company said that it received a notice to pay 111.40 billion rupees ($1.34 billion) in tax arrears.
Delta Corp, which owns casinos as well as poker and rummy websites, added that the company and two of its units received intimations of an additional tax shortfall aggregating to 56.83 billion rupees for the period between July 2017 and March 2022.
As per the filing to the exchanges, the alleged shortfall relates to Delta Corp and its two subsidiaries, Highstreet Cruises and Entertainment Pvt.
Ltd and Delta Pleasure Cruise Company Private Limited.
The total outstanding for Delta Corp stands at over Rs 628 crore.
