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ICICI Lombard Common Insurance coverage on Tuesday acquired a discover dated July 26, 2023, from the Directorate Common of GST Intelligence (DGGI), New Delhi, for not paying Rs 273.44 crore.
The Present Trigger Discover (SCN) alleges a tax legal responsibility of Rs 273.44 crore underneath Part 74(1) of the Central Items and Providers Tax Act, 2017, accompanied by curiosity fees underneath Part 50(1) of the Act, and a penalty underneath Part 74(1) at the side of Part 122(2)(b) of the Act.
“The matter largely pertains to an business extensive problem on applicability of GST on salvage adjusted and ineligible Enter Tax Credit score, on motor claims settled. The corporate has deposited an quantity of Rs 104,13,18,970 underneath protest, with out accepting any legal responsibility on this regard,” the corporate mentioned in a regulatory submitting.
It additional added, “Such quantity deposited has been disclosed by means of Notes to Contingent Legal responsibility within the Monetary Statements of the Firm for the monetary 12 months ended March 31, 2023.”
The corporate additional talked about that it might be submitting its response in opposition to the mentioned SCN throughout the prescribed timelines.
Earlier on June 26, ICICI Prudential Life Insurance coverage Firm, had acquired a discover from the Directorate Common of GST Intelligence for not paying tax of Rs 492.06 crore for a interval of 5 years ranging from July 2017 until July 2022.
“The matter largely pertains to an business extensive problem of enter tax credit score and the Firm believes that it has availed eligible enter GST credit score in compliance with the provisions of the Central Items and Service Tax Act, 2017 and different relevant legal guidelines,” it had mentioned.
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