ICICI Lombard Receives GST Demand of ₹1.45 Crore, Interest ₹1.11 Crore, Penalty ₹15 Lakhs
ICICI Lombard received a GST demand order for FY2021-2022, amounting to ₹1.45 crore, with ₹1.11 crore in interest and ₹15.10 lakh in penalty. The company plans to appeal the order.
The total amount of demand, interest, and penalty is substantial and could impact profitability if not successfully appealed.
The company has received a significant demand for GST, interest, and penalty, which is a negative financial development.
ICICI Lombard General Insurance Company Limited has received an order from the Deputy Commissioner of State Tax, Business Audit Wing-III-A Rajasthan, Jaipur, on December 26, 2025, at 1:31 p.m.
The order imposes a Goods and Services Tax (GST) demand of ₹1,44,99,861/-, along with interest of ₹1,10,82,461/- and a penalty of ₹15,09,764/-. These charges are under Section 73 of the Central Goods and Services Tax Act, 2017/Rajasthan Goods and Services Tax Act, 2017, for the Financial Year 2021-2022.
The demand is primarily based on the computation of eligible input tax credit and alleged undischarged tax liability due to differences in reporting debit/credit notes between GSTR-1 and GSTR-9 filings.
The company intends to pursue an appeal or evaluate other legal options against this order, including the possibility of filing a writ petition. The company has stated that the information provided is true, correct, and complete to the best of its knowledge and belief. This information will also be available on the company's website.
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