ICICI Prudential Life Insurance Company Limited confirms the dismissal of its appeal by the Commissioner (Appeals-III, Mumbai) on February 19, 2026. The order upholds a previous tax demand, resulting in a total potential liability of ₹984.13 crore, covering tax, interest, and penalties related to Input Tax Credit reversal from July 2017 to July 2022. The company intends to challenge this decision by filing a further appeal.
Confirmation of Adverse Tax Order
ICICI Prudential Life Insurance Company Limited has received an unfavorable order from the Commissioner of CGST and C.Ex, Appeals-III, Mumbai, on February 19, 2026. This order dismissed the appeal filed by the Company against a previous demand issued by the Additional Commissioner, CGST & C.Ex, Palghar Commissionerate. The dismissal upholds the original tax demand raised under Form GST DRC 07.
Financial Implications and Liability Breakdown
The material contents of the communication relate to the Reversal of Input tax credit as per GST Law for the period spanning July 2017 to July 2022. The expected financial implications identified by the company are substantial:
- GST Demand: ₹492,06,48,296 /-
- Interest: As applicable
- Penalty: ₹492,06,48,296 /-
- Total Potential Demand: ₹984,12,96,592 /-
The authority has explicitly imposed a Penalty of ₹492,06,48,296 /- as part of this communication. However, the company notes that, at this stage, there is no impact on the financials, as the matter is under dispute.
Next Steps and Compliance
In response to this adverse ruling, the Company has confirmed its intention to take further action. Specifically, The Company shall file an appeal against the said order before appropriate authority in due course. This disclosure is made in compliance with the relevant regulations concerning the submission of material information to the stock exchanges.
Source: BSE
