India Pursues Gaming, Insurance Firms Over Alleged Tax Evasion

ICICI Lombard General Insurance Co Ltd. received the notice for alleged non-payment of goods and services tax, it said in a stock exchange filing late Wednesday. Similar orders have been issued to several others, including major gaming companies, totaling more than 500 billion rupees .

Earlier this week, Delta Corp. was slapped a tax demand, leading to a sharp decline in its shares. Media reported that Tiger Global-backed Dream11 was also served with a notice, as was the Life Insurance Corp. of India the week before. The companies plan to appeal. The allegations and demands also threaten to provoke sprawling litigation, further harming India’s $20 billion online gaming industry, which is already battling the government’s decision to impose a goods and service tax of 28% on the sector from next month.

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