ICICI Lombard Receives Revised GST Order with ₹3.06 Crore Penalty
ICICI Lombard received a revised GST order on April 29, 2026, with a revised interest demand of ₹72.45 lakh and a penalty of ₹3.06 crore for April 2018 to May 2019. The company plans to appeal the order.
The penalty and interest demand, while substantial, are not expected to have an immediate material impact as the company plans to appeal.
The company has been levied a significant penalty and interest demand, which is a negative development.
ICICI Lombard General Insurance Company Limited has received a revised order from the Office of the Commissioner of GST & Central Excise (Appeals - I), Chennai, on April 29, 2026. This order pertains to an interest demand and penalty for the period of April 2018 to May 2019.
The revised interest demand stands at ₹72,44,780/-, and the penalty levied is ₹3,05,98,935/-. This follows a previous intimation on April 16, 2024, where the company had informed about an initial order raising an interest demand of ₹1,49,38,247/- and a penalty of ₹5,76,34,666/- for the period April 2018 to March 2021.
The company stated that it would pursue an appeal or evaluate other appropriate actions against the newly received order. The information and details of the order have been provided in Annexure 1, and will also be 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 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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