ICICI Lombard Faces Rs 1,730-Crore Tax Notice, Second in 3 Months; Stock Down 2% ICICI Lombard General Insurance has received a notice from the Directorate General of GST Intelligence (DGGI) for allegedly not paying tax amounting to Rs 1,730 crore from July 2017 to March 2022. The insurer plans to contest the demand.
ICICI Lombard General Insurance’s stock opened 2 percent lower on September 28 after news broke that the company had received a notice from the Directorate General of GST Intelligence (DGGI). The notice alleges that ICICI Lombard has not paid taxes totaling Rs 1,730 crore for the period from July 2017 to March 2022.
In an exchange filing, ICICI Lombard stated that it 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, 2017, on September 27, 2023, alleging a tax demand of Rs 1,730 crore.”
As of 9:20 AM, the stock was trading at Rs 1,277.25 on the National Stock Exchange, marking a 2.02 percent decrease from the previous day’s closing price. This development follows the recent appointment of Sanjeev Mantri as the new Managing Director and Chief Executive Officer of the company.