ICICI Lombard receives Show Cause Notice (SCN) from Directorate General of GST Intelligence alleging tax demand of Rs 273.44 crore
ICICI Lombard General Insurance share price fell over a percent on August 9, a day after the company received a Show Cause Notice (SCN) from the Directorate General of GST Intelligence.
The notice dated July 26 asserts a tax liability of Rs 273.44 crore under Section 74(1) of the Central Goods and Services Tax Act, accompanied by interest charges and a penalty.
The issue primarily concerns a widespread matter regarding the imposition of GST on salvage-adjusted and disqualified Input Tax Credit associated with settled motor claims.
At 10 am, the stock was quoting at Rs 1,404.70 on the NSE, down 0.8 percent from previous close.
Source: MoneyControl
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