ICICI Prudential Life Insurance faces ₹18.8 Crore GST demand order for FY22
ICICI Prudential Life Insurance received a GST demand order of ₹18.8 crore for FY22 from Telangana authorities. The demand includes ₹17.1 crore GST and ₹1.7 crore penalty for non-reversal of ITC. The company plans to appeal the order.
The financial impact of ₹18.8 crore is material for the company. While not catastrophic, it requires a provision and legal challenge, impacting short-term financial performance and potentially future cash flows.
The company has received a significant GST demand order and penalty, which is a negative development. Although an appeal is planned, the initial order represents a financial liability.
ICICI Prudential Life Insurance Company Limited has received an order under Section 73 of the Goods and Service Tax (GST) Act, 2017, from the Additional Commissioner, Telangana State, on December 19, 2025. The order pertains to the financial year 2022 and concerns the non-reversal of Input Tax Credit (ITC) as per GST law.
The total demand raised amounts to ₹188,217,756. This includes a GST demand of ₹171,107,052 and a penalty of ₹17,110,704. No interest has been levied.
The company has stated that it will file an appeal against this order before the Commissioner (Appeals) within the prescribed timelines.
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