ICICI Lombard, a general insurance company, has been served a show-cause notice by a central law enforcement agency for allegedly not paying Rs 1,728.9 crore worth of tax over a period of five years. The Directorate General of GST Intelligence has been investigating 30 insurance companies for GST evasion, with discrepancies amounting to Rs 3,500 crore detected so far. ICICI Lombard had previously received a show-cause notice demanding Rs 273 crore in taxes. HDFC Life also received a similar notice demanding Rs 942 crore in taxes.
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