Mumbai: The Directorate General of GST Intelligence (DGGI) issued a show cause and demand notice for ₹1,730 crore to ICICI Lombard General Insurance.
DGGI Pune zonal unit tax demanded notice for allegedly not paying ₹1,730 crore in tax from July 2017 to March 2022 under Section 73(1) of the Central Goods and Services Tax Act.
It is the second tax notice to ICICI Lombard General Insurance in three months. In July, the company received another notice for a tax liability of ₹ 273.44 crore under Section 74(1) of the Central Goods and Services Tax Act, accompanied by interest charges and a penalty. In June, another one of ICICI's insurance companies, ICICI Prudential Life, received a notice from DGGI for not paying tax of ₹492.06 crore for a period of five years starting from July 2017.
"The alleged demand and the impugned show cause cum demand notice (SCN) 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 company said in a statement.
