The Directorate General of GST Intelligence, has issued a show cause and demand notice to ICICI Lombard. The notice alleges that ICICI Lombard failed to pay approximately Rs 1,728.9 crore in GST for a period spanning five years, from July 2017 to March 2022.
ICICI Lombard, a general insurance company, responded to the notice by stating that it pertains to concerns within the industry. They plan to provide a suitable response within the prescribed deadlines, based on advice from their tax advisors.
This development is part of a larger investigation by the Directorate General of GST Intelligence, which has been scrutinizing 30 insurance companies for potential GST evasion. So far, they have identified discrepancies in input tax credit amounting to around Rs 3,500 crore in 15 of these companies. The agency is in the process of sending notices to the remaining 15 companies and aims to conclude its investigation by November.
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