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The company has received a show cause cum demand notice from the Directorate General of GST Intelligence, Pune Zonal Unit under Section 73(1) of the Central Goods and Services Tax Act alleging a tax demand of Rs 17,28,86,10,803.
The notice relates to non-payment of GST on co-insurance premiums and re-insurance commissions from July 2017 to March 2022.
The company said it will be filing a response to the notice within the prescribed timelines.
ICICI Lombard is India's largest private sector general insurance company based on gross direct premium. The company offers a comprehensive range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. Its parent - ICICI Bank, which is one of the largest private sector banks in the country, holds 48.01% stake in the company as of 30 June 2023.
The company's net profit increased 11.8% to Rs 390.36 crore on 13.8% rise in total income to Rs 4,723.62 crore in Q1 FY24 over Q1 FY23. Its board will consider Q2 FY24 results on Wednesday, 18 October 2023.
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