ICICI Lombard receives GST Demand Notice of over Rs.5.66 Crore:

ICICI Lombard receives GST Demand Notice of over Rs. 5.66 Crore ICICI Lombard said on Wednesday that it received a tax demand notice for an alleged short payment of GST of approximately Rs. 5.66 crore. In a regulatory filing, ICICI Lombard General Insurance Company stated that it received an order from the Joint Commissioner CGST and Central Excise, Bhopal, Madhya Pradesh, raising a GST demand of Rs.5,66,02,264 and levying a penalty of Rs.56,60,226. Including the GST and penalty, the total demand exceeds Rs.6.22 crore. In addition, interest will be charged under Section 50 of the GST Act. "The company will be filing an appeal against the said order," the statement read. The GST demand was made on the basis of calculating the company's qualifying input tax credit and alleged undischarged tax burden due to inconsistencies in returns filed by the company, according to ICICI Lombard. ICICI Lombard shares were trading at Rs. 1413.05 on the BSE, down 0.22 percent from the previous close.