ICICI Lombard Gets Bombay HC Stay on ₹62 Crore GST Demand
ICICI Lombard received a stay order from the Bombay High Court on a GST demand of ₹31.18 crore and a penalty of ₹31.18 crore. The stay is effective until the final disposal of the Writ Petition. The demand pertains to the period July 2017 to March 2024 and concerns GST applicability on SEZ unit supplies.
While a stay order is positive, the ultimate outcome of the writ petition is still pending, and the issue pertains to a substantial financial demand.
The company received a stay order from the High Court on a significant GST demand and penalty, which is a positive development.
ICICI Lombard General Insurance Company Limited has received a significant update regarding a Goods and Services Tax (GST) demand. Previously, on January 30, 2025, the company was informed of an order from the Additional Commissioner of CGST & Central Excise, Palghar Commissionerate, raising a GST demand of ₹31,18,41,716/-, along with interest and a penalty of ₹31,18,41,716/-. This demand, covering the period from July 2017 to March 2024, pertains to industry-wide issues concerning the applicability of GST on supplies of Group Health Insurance/Group Personal Accident policies to units located within a Special Economic Zone.
ICICI Lombard had filed a writ petition before the Hon’ble Bombay High Court against this order. In a development on March 26, 2026, the Hon’ble Court passed an order, which the company received on March 28, 2026. This order grants a stay on the impugned GST demand and penalty until the final disposal of the Writ Petition. The Court has also granted four weeks' time for the Revenue to file their reply. The company has stated that there are no expected financial implications at this stage.
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ICICI Lombard General Insurance Company Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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