ICICI Lombard General Insurance Company Limited Announced that the Company has Received an Order from Joint Commissioner, Office of the Deputy Commissioner of Central Tax, South Division - 6. Bengaluru, raising a GST demand of 11,031,207 and levying penalty of 1,103,124. The Company would pursue an appeal with Appellate Authorities /evaluate other legal options against the said Order. Order received by the Company under Section 73 of the Central Goods and Services Tax Act, 2017 (?the Act?) /Karnataka GST Act, 2017 read with Section 20 of IGST Act, 2017 for the period April 2018 to March 2019.

Order has imposed demand on following grounds: Computation of input tax credit eligible to the Company and Alleged undischarged tax liability due to differences between returns filed by the Company.