ICICI Lombard: Joint Commissioner upholds ₹2.42 Cr GST demand, penalty ₹2.64 Cr
ICICI Lombard received an order from the Joint Commissioner (Appeals-I) upholding a GST demand of ₹2.42 crore, interest of ₹1.47 lakh, and penalty of ₹2.64 crore for July 2017-March 2018. The company considers this a contingent liability with no immediate financial impact and plans to appeal further.
While the amount is significant, the company has already accounted for it as a contingent liability, mitigating the immediate financial impact. However, further legal battles and the potential for an unfavorable outcome in higher courts could still have a medium-term impact.
The Joint Commissioner's order confirmed the GST demand, interest, and penalty, which is a negative development for the company, even though it is already provisioned as a contingent liability.
ICICI Lombard General Insurance Company Limited has received an order from the Joint Commissioner (Appeals-I), Hyderabad, on October 6, 2026, confirming a GST demand of ₹2,41,82,080/-, interest of ₹1,47,485/-, and a penalty of ₹2,64,01,686/-. This order pertains to the period of July 2017 to March 2018 and was raised by the Assistant Commissioner of Central Tax, Ameerpet GST Division.
The demand was primarily based on grounds related to the computation of eligible input tax credit, alleged undischarged interest liability due to delayed tax payment, and differences in tax returns filed by the company. The company had previously filed an appeal against the initial order.
ICICI Lombard stated that the total demand, including interest and penalty, is already accounted for as a contingent liability, and therefore, there is no expected financial impact at this stage. The company intends to pursue a further appeal or evaluate other legal options, including filing a writ petition.
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