ICICI Prudential Life Insurance Company Limited has received an order from the Commissioner (Appeals Thane) on August 21, 2026. The order dismisses the company’s appeal against a tax demand under the Central Goods and Services Tax Act, 2017, thereby upholding the total demand of ₹3,647,279,080. The company intends to file a further appeal against this decision.
Tax Appeal Dismissed, Demand Upheld
ICICI Prudential Life Insurance Company Limited has been informed of an order received on August 21, 2026, at 5:05 pm IST, from the Commissioner (Appeals Thane). This order pertains to an appeal filed against an initial order under Section 76 of the Central Goods and Service Tax Act, 2017. The appeal has been dismissed, which means the previously raised tax demand has been upheld by the appellate authority.
Significant Financial Implications
The total tax demand that has been upheld amounts to ₹3,647,279,080. This figure comprises GST of ₹1,823,639,540, a penalty of ₹1,823,639,540, and interest which has not been quantified. While the company states there is no adverse material impact on the financial operations, the upholding of such a substantial demand requires further action.
Future Course of Action
In response to this development, ICICI Prudential Life Insurance Company Limited has stated that it shall file an appeal against the said order before the appropriate appellate authority in due course. The company’s communication, dated August 22, 2026, provides details as required under SEBI Listing Regulations, highlighting the dismissal of the appeal and the subsequent tax demand.
Source: BSE
