Tax & Penalty22 Aug 2026, 12:00 pm
ICICI Prudential Life Insurance Tax Demand Upheld: ₹364 Cr
AI Summary
ICICI Prudential Life Insurance Company Ltd has received an order from the Commissioner (Appeals Thane) upholding a tax demand of ₹3,647,279,080 (approximately ₹364.7 crore). This demand pertains to alleged GST on amounts recovered from insurance agents as per commercial terms, applicable for FY2018 to FY2023. The order dismisses the company's appeal, confirming the tax demand of ₹1,823,639,540, interest (not quantified), and a penalty of ₹1,823,639,540. The company states there will be no adverse material impact on its financial operations and intends to file a further appeal.
Key Highlights
- Tax demand of ₹3,647,279,080 upheld by Commissioner (Appeals).
- Demand includes GST, interest, and penalty for FY18-FY23.
- Company plans to file an appeal against the order.
- No adverse material impact expected on financial operations.
Price Impact
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