ICICI Prudential Life Receives GST Order for ₹5.12 Crore Demand
ICICI Prudential Life Insurance received a GST order demanding ₹5.12 crore for FY2023. The demand includes ₹3.11 crore penalty. The company will appeal the order. No immediate financial impact is expected.
While the company states no immediate impact, a tax demand and penalty of over ₹5 crore could have a medium-term financial implication if the appeal is unsuccessful.
The company has received a tax demand order with a penalty, which is a negative development.
ICICI Prudential Life Insurance Company Limited has received an order under Section 73 of the Goods and Services Tax (GST) Act, 2017, from the Deputy Commissioner of State Tax, Chhattisgarh State, on June 1, 2026. The order pertains to the financial year 2023 and includes a total demand of ₹51,216,164, comprising GST of ₹30,985,948, interest of ₹17,118,341, and a penalty of ₹3,111,875. The primary reasons for the demand include mismatches in Input Tax Credit (ITC) claims between GSTR-3B and GSTR-2A, leading to the reversal of input tax credit as per GST law and mismatches in GST liability.
The company has stated that there is no immediate financial impact at this stage. ICICI Prudential Life Insurance Company Limited plans to file an appeal against this order before the Commissioner (Appeals) within the prescribed timelines. The company has provided this disclosure as per Regulation 30 and Regulation 51 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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See the model portfoliosA plain-language summary of a public exchange filing by ICICI Prudential Life Insurance Company Limited. Read the original for the full detail.