Tax & Penalty10 Sept 2026, 12:02 pm
ICICI Prudential Life Insurance Loses GST Appeal, Tax Demand Upheld
AI Summary
ICICI Prudential Life Insurance Company Ltd has received an order from the Additional Commissioner (Mumbai Central) dismissing its appeal against a GST demand. The order upholds a tax demand of ₹18,764,898, with an equal amount for penalty, totaling ₹37,529,796. Interest on the demand has not been quantified. The demand pertains to non-payment of tax on certain outward supplies for the period July 2017 to September 2019. The company stated that there would be no adverse material impact on its financial operations. ICICI Prudential Life Insurance plans to file a further appeal against this order.
Key Highlights
- GST appeal dismissed, tax demand of ₹18.76 Cr upheld.
- Total financial implication including penalty stands at ₹37.53 Cr.
- Demand relates to non-payment of GST on outward supplies (July 2017-Sept 2019).
- Company to file a further appeal against the order.
- No adverse material impact on financial operations expected.
Price Impact
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