ICICI Lombard Receives ₹22.5 Crore GST Demand with ₹2.25 Crore Penalty
ICICI Lombard received a GST demand of ₹22.50 crore and a penalty of ₹2.25 crore for FY21-24. The demand is related to input tax credit. The company plans to appeal the order.
The GST demand and penalty, while substantial, are being contested by the company, and the final impact is yet to be determined. The company has stated no immediate impact at this stage.
The company has received a significant GST demand and penalty, which is a negative development.
ICICI Lombard General Insurance Company Limited has received an order dated January 8, 2026, from the Additional Commissioner, CGST & Central Excise, Palghar. The order raises a Goods and Services Tax (GST) demand of ₹ 22,50,74,432/-, along with interest as per Section 50 of the Central Goods and Services Tax Act, 2017. Additionally, a penalty of ₹ 2,25,07,443/- has been levied under Section 73(9) of the Act. This demand and penalty cover the financial years 2021-22 to 2023-24 and relate to the eligibility of Input Tax Credit transferred to the company via Form ITC-02. The company stated that it would pursue an appeal or evaluate other legal options against the order, including filing a writ petition.
The company has also informed that the information provided is true, correct, and complete to the best of their knowledge and belief. This information will be made available on the company's website, www.icicilombard.com.
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ICICI Lombard General Insurance Company Limited filed this with the NSE as a statutory disclosure, categorised under regulatory impact. 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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