ICICI Lombard has received an order confirming a GST demand of ₹17,288,610,803, along with a penalty of ₹1,728,861,079 and interest. The demand relates to the period of July 2017 to March 2022. The company plans to pursue an appeal or evaluate other appropriate actions, including filing a writ petition against the order. This follows a prior Bombay High Court order regarding the same issue.
Background of the Issue
The current order is related to an intimation from July 3, 2025, where ICICI Lombard informed the stock exchanges about an order passed by the Bombay High Court. The High Court had set aside an order from the Joint Commissioner, CGST & CX Thane Commissionerate, concerning GST demand for the period of July 2017 to March 2022. The initial demand included a GST of ₹17,288,610,803, a penalty of ₹1,728,861,079, and interest.
New Order Received
ICICI Lombard has now received an order from the Additional Commissioner, CGST & Central Excise Palghar Commissionerate on September 29, 2025, confirming the GST demand of ₹17,288,610,803, along with a penalty of ₹1,728,861,079 and interest. This order pertains to the same period from July 2017 to March 2022.
Company’s Response
The company intends to pursue an appeal or assess other appropriate actions against the received order, including the possibility of filing a writ petition.
Details of the Order
The order relates to industry-wide issues concerning the taxability of co-insurance premium received as a follower and re-insurance commission. These matters have been previously addressed by the GST Council, which resulted in issued circulars.
Key Figures
- GST Demand: ₹17,288,610,803
- Penalty: ₹1,728,861,079
Source: BSE
