ICICI Lombard GST Demand Confirmed by Appeals Authority

ICICI Lombard General Insurance Company Ltd has received an order from the Joint Commissioner (Appeals-I), Hyderabad, confirming a GST demand of ₹2,41,82,080/-, interest of ₹1,47,485/-, and a penalty of ₹2,64,01,686/- for the period July 2017 to March 2018. This order upholds the initial demand raised by the Assistant Commissioner of Central Tax. The company had previously filed an appeal against the original order. The grounds for the confirmation include issues related to the computation of eligible input tax credit, undischarged interest liability for alleged delayed tax payments, and differences in tax liabilities due to discrepancies in filed returns. The company stated that there is no immediate financial impact as the total demand, including interest and penalty, is already accounted for as a contingent liability. ICICI Lombard plans to pursue further legal options, including filing a writ petition.