ICICI Lombard General Insurance Company Limited has received a Show Cause Notice on May 22, 2024 from the GST Officer, Department of Trade & Taxes, Government of N.C.T. of Delhi under Section 73(1) of the Central Goods and Services Tax Act, 2017. The SCN requires the Company to show cause as to why alleged GST demand of INR 1,495,543,768/-, interest of INR 12,434,72,940/- and penalty of INR 149,554,377/- for the period April 2019 to March 2020 should not be demanded from the Company. The Company believes that it has a strong case on merit.

The Company will be filing appropriate response within the prescribed timelines or evaluate other legal options against the said SCN. Details of the violation(s)/contravention(s) committed or alleged to be committed: SCN inter-alia seeks tax payment/clarification on the following observations: Entitlement for Input Tax Credit availed by the Company and corresponding reconciliation with various parameters mentioned in the SCN. Reconciliation difference between values reported in monthly returns with corresponding annual return.