ICICI Lombard General Insurance Company Limited has received an order demanding ₹47.41 crore in GST and imposing a penalty of ₹47.41 crore. The demand relates to GST for fiscal years 2018-2019 through 2022-23 and pertains to reconciliation differences, delayed tax payments, and reverse charge mechanism discrepancies. The company intends to appeal the order.
GST Demand Details
ICICI Lombard has received an order on December 2, 2025, demanding GST of ₹47,41,42,600 and imposing a penalty of ₹47,41,34,646. The order was issued by the Joint Commissioner, CGST & Central Excise, Bhopal.
Reasons for Demand
The GST demand is based on the following grounds:
* Undischarged tax liability due to reconciliation differences between returns and financials.
* Undischarged tax liability related to alleged delayed payment of tax.
* Short payment of tax under the reverse charge mechanism.
* Computation of input tax credit eligibility.
Financial Impact and Next Steps
The demand covers fiscal years 2018-2019 to 2022-23. The company intends to appeal with Appellate Authorities and evaluate other legal options. Currently, the company does not believe this demand has any impact.
Source: BSE
