Tax & Penalty30 Apr 2026, 11:47 am
ICICI Lombard: Revised GST Penalty at ₹3.06 Cr
AI Summary
ICICI Lombard General Insurance received an order from the GST & Central Excise (Appeals - I), Chennai, revising the interest demand to ₹72.45 Lakh and penalty to ₹3.06 Cr for the period April 2018 to May 2019. This follows an earlier order with a higher demand and penalty, against which the company had filed an appeal. ICICI Lombard plans to further appeal or evaluate other actions against the revised order.
Key Highlights
- Revised interest demand is ₹72.45 Lakh, and penalty is ₹3.06 Cr.
- The order pertains to the period from April 2018 to May 2019.
- ICICI Lombard will pursue an appeal or evaluate other appropriate actions.
- The original order had an interest demand of ₹1.49 Cr and a penalty of ₹5.76 Cr.