ICICI Lombard Gets ₹1,728.80 Crore Tax Notice

Directorate General of GST Intelligence (DGGI) serves notice over unpaid taxes, sparking concerns

Tax Demand Details

The demand is related to GST on co-insurance premium and re-insurance commission; ICICI Lombard to respond within the stipulated time

Company's Response

ICICI Lombard states that the notice pertains to industry-wide issues and will provide an appropriate response based on tax advisor recommendations

Previous Tax Notice

In August, the insurer received a notice for non-payment of ₹273.4 crore in taxes, including interest

Financial Performance

Despite tax challenges, ICICI Lombard reports a 12% YoY increase in net profit, reaching ₹390.4 crore for the June quarter

ICICI Bank's Stake Increase

ICICI Bank gains RBI approval to gradually raise its stake in ICICI Lombard by up to 4% in tranches

Market Response

ICICI Lombard's shares declined 1.90% to ₹1278.60 on the BSE following the tax notice