Delhi High Court quashes Rs.150 Crore GST Demand against ICICI Lombard General Insurance:

Delhi High Court quashes Rs.150 Crore GST Demand against ICICI Lombard General Insurance The Delhi High Court overturned the Order-in-Original issued by the GST Officer, Department of Trade and Taxes, Government of the NCT of Delhi, and granted the Writ Petition filed by ICICI Lombard General Insurance Company Limited. The Court ordered the adjudicating authority to continue anew in light of the previously issued Show Cause Notice and the Company's response. The General Insurance Company received a GST demand of Rs.1,49,55,43,768, interest of Rs.1,24,34,72,940, and a penalty of Rs.14,95,54,377 for the financial year 2019-20. The demand was based on the company's entitlement to an input tax credit, the reconciliation of the numbers provided in monthly returns with the corresponding yearly return, and subsequent reconciliation with other parameters. The company challenged the aforementioned ruling in a writ petition filed to the Delhi High Court.