The Directorate General of Goods and Services Tax (GST) Intelligence has served ICICI Lombard General Insurance Company a tax demand and Show Cause Notice amounting to Rs 1728.9 crore. The alleged non-payment of taxes from July 2017 to March 2022 pertains to GST on co-insurance premiums in co-insurance transactions and reinsurance commissions on premiums ceded to Indian and foreign reinsurance companies. ICICI Lombard plans to respond to the notice based on advice from tax advisors. This follows a previous tax demand in August related to motor insurance claims, where the company deposited Rs 104 crore under protest, disclaiming responsibility for the liability. The stock witnessed a decline following the announcement.