ICICI Prudential Life Insurance has provided an update regarding a tax dispute for FY2018. The Company received an order from the Joint Commissioner of State Tax, Appellate Authority, on February 18, 2026. The appeal was partially allowed, meaning the tax demand was partly set aside and partly upheld. The total original demand, including GST, interest, and penalty, amounted to ₹216.44 crore. The company plans to challenge this order by filing a further appeal.
Regulatory Disclosure on Tax Order
ICICI Prudential Life Insurance Company Limited has issued a mandatory disclosure concerning the outcome of an appeal against an order related to the Maharashtra Goods and Service Tax Act for the financial year FY2018. The communication was received on February 18, 2026, from the Joint Commissioner of State Tax, Appellate Authority, Maharashtra.
Outcome of Appeal and Financial Exposure
The appellate authority delivered an order which was partially in favour of the Company, while simultaneously partially upholding the original tax demand. The original demand structure, leading to this appeal, involved several components:
- GST Demand: ₹83,22,31,512/-
- Interest: ₹1,24,89,91,867/-
- Penalty: ₹8,32,23,153/-
- Total Demand: ₹2,16,44,46,532/-
The primary reasons cited for the original demand included the reversal of Input Tax Credit (ITC), a difference in GST liability between GSTR-1 and GSTR-9 filings, and a mismatch concerning ITC claimed in GSTR-3B versus GSTR-2A records.
Company Response and Next Steps
The penalty imposed pursuant to the communication stands at ₹8,32,23,153/-. The management has assessed that there is ‘No impact at this stage’ financially, but confirms that the Company will proceed by filing a further appeal against this received order before the appropriate authority to contest the upheld demands.
Source: BSE
