ICICI Lombard receives GST show cause notice worth Rs 288 crore for FY20

ICICI Lombard, a prominent insurance firm, disclosed receiving a show cause notice from the GST Officer of the Department of Trade & Taxes, Government of N.C.T. of Delhi, on May 23. The notice, delivered the previous day under Section 73(1) of the Central Goods and Services Tax Act, 2017, seeks clarifications regarding an alleged GST liability for the fiscal year 2019-2020, amounting to Rs 1,49,55,43,768. It includes interest of Rs 1,24,34,72,940 and a penalty of Rs 14,95,54,377. \r

The notice requests clarification on input tax credit entitlement and reconciliation differences between monthly and annual returns. ICICI Lombard has affirmed its commitment to engaging with the authorities by providing a timely response and exploring legal avenues to address the notice. \r

The company's recent financial performance showed a 19 percent year-on-year rise in net profit for the quarter ended March 31, 2024, with Bharti Enterprises selling shares totaling Rs 663 crore. On May 23, the company's stock settled at Rs 1,663.75 apiece on the BSE, marking a 0.98 percent increase from the previous day's close.