ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED ICICI Lombard General Insurance Company Limited received an Order from the Joint Commissioner of State Tax, Ranchi on July 28, 2023 at 5:02 p.m. for the period July 2017 to March 2018 imposing a tax demand of INR 27,78,689, interest of INR 25,85,779 and penalty of INR 2,77,869. (Total of INR 56,42,338). In the Order, demand has been raised on short reversal of Input Tax Credit under Rule 42/43 of Central Goods and Services Tax Rules, 2017 ('CGST Rules') and excess availment of Input Tax Credit in GST returns vis-a-vis Form GSTR-2A.
In the Order, demand has been raised on the following grounds: Short reversal of Input Tax Credit under Rule 42/43 of Central Goods and Services Tax Rules, 2017 (CGST Rules); Excess availment of Input Tax Credit in GST returns vis-à-vis Form GSTR-2A. The Order imposes a tax demand of INR 27,78,689, interest of INR 25,85,779 and penalty of INR 2,77,869 (Total of INR 56,42,338). The Company will be required to deposit 10% of the disputed tax demand (INR 2,77,869) at the time of filing appeal.
