ICICI Lombard Receives Revised GST Demand Order of ₹8.7 Crore
ICICI Lombard received a revised GST demand order of ₹8.78 crore and a penalty of ₹8.78 crore for the period FY2018-2021. This follows an earlier demand and appeal. The company plans to pursue further legal options, including a writ petition.
The revised GST demand and penalty, while not immediately impactful as the company plans to appeal, represent a significant financial claim that could affect profitability if the appeal is unsuccessful.
The company has received a revised GST demand order, which is a continuation of an ongoing dispute. While the demand and penalty have been revised, the company intends to challenge it further, indicating a neutral financial impact at this stage.
ICICI Lombard General Insurance Company Limited has received a revised Order from the Office of the Commissioner (Appeals), CGST & Central Excise, Bhopal, Madhya Pradesh, on December 18, 2025. This order pertains to a GST demand for the period April 2018 to March 2021, for which the company had previously received an order on May 1, 2024.
The revised GST demand now stands at ₹87,607,880/-, with interest of ₹1,154,037/- plus applicable interest under Section 50(3) of the CGST Act, 2017. A penalty of ₹8,777,337/- has also been levied.
The company had initially appealed against the previous order which had raised a GST demand of ₹90,792,716/-, interest of ₹1,154,037/-, and a penalty of ₹9,129,271/-.
ICICI Lombard plans to pursue an appeal or evaluate other legal options against the new order, including 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, and it will also be available on the company's website.
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