ICICI Lombard General Insurance Company Limited Receives Order from the Joint Commissioner, CGST & Central Excise, Patna-I Raising a GST Demand of INR 71,221,119 and Levying Penalty of INR 7,122,112
April 01, 2024 at 01:03 pm EDT
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ICICI Lombard General Insurance Company Limited announced that the company has received an Order on April 1, 2024 from the Joint Commissioner, CGST & Central Excise, Patna-I raising a GST demand of INR 71,221,119 and levying penalty of INR 7,122,112. The Company would pursue an appeal with Appellate Authorities /evaluate other legal options against the said Order. Nature and details of the action taken or order passed: Order received by the Company under Section 73 of the Central Goods and Services Tax Act, 2017 ("the Act") /Bihar GST Act, 2017 for the period April 2018 to March 2019.
Details of the violation/contravention committed or alleged to be committed: Order has imposed demand on computation of input tax credit eligible to the Company. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: GST demand of INR 71,221,119; Penalty of INR 7,122,112; Interest u/s 50 the Act.
ICICI Lombard General Insurance Company Limited is an India-based general insurance company. The Company offers a comprehensive and diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. Its segments include Fire, Marine, Health including Personal Accident, Miscellaneous, Crop Insurance and Motor. Its Health including Personal Accident segment includes health retail, health group corporate and health government business. Its Miscellaneous segment includes miscellaneous retail and miscellaneous group corporate business. Its motor insurance includes car insurance, bike insurance and motor floater. Its health insurance includes Health AdvantEdge, MaxProtect, health booster, personal protect, Arogya Sanjeevani Policy, Saral Suraksha Bima and others. Its other insurances include crop insurance, NRI insurance, cyber insurance, ICICI Bharat Griha Raksha Policy and others.
ICICI Lombard General Insurance Company Limited Receives Order from the Joint Commissioner, CGST & Central Excise, Patna-I Raising a GST Demand of INR 71,221,119 and Levying Penalty of INR 7,122,112
ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED 
