ICICI Lombard received an Order on November 21, 2024, from the Assistant Commissioner of Central Tax, Ameerpet GST Division, Hyderabad GST Commissionerate at Hyderabad Branch, raising a GST demand of ₹ 2,41,82,080/-, Interest of ₹ 1,47,485/- and levying penalty of ₹ 2,64,01,686/-, according to the exchange filing.
The order relates to the period from July 2017 to March 2018 under Section 74 of the Central Goods and Services Tax Act, 2017.
The demand was imposed on the grounds of: 1) Computation of input tax credit eligible to the Company; 2) Undischarged interest liability related to alleged delayed payment of tax by the Company; 3) Alleged undischarged tax liability due to differences between returns filed by the Company.
“The Company would pursue an appeal with Appellate Authorities/ evaluate other legal options against the said Order,” the Company said in the exchange filing.
The Disclosure was made under clause 20 of Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
