ICICI Lombard General Insurance Company Limited Receives Order from Joint Commissioner, Office of the Deputy Commissioner of Central Tax, South Division - 6. Bengaluru
April 03, 2024 at 06:27 am EDT
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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.
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 Joint Commissioner, Office of the Deputy Commissioner of Central Tax, South Division - 6. Bengaluru