ICICI Lombard has received a GST demand order for the financial year 2021-2022. The order includes a GST demand of ₹2,20,29,303, interest of ₹1,48,69,780, and a penalty of ₹55,07,326. The company is evaluating legal options, including filing an appeal or writ petition. The order was issued on December 24, 2025.
GST Demand Details
ICICI Lombard received an order on December 24, 2025, imposing a GST demand. The total demand amounts to ₹2,20,29,303. In addition to the GST demand, the order includes an interest amount of ₹1,48,69,780 and a penalty of ₹55,07,326.
Financial Year Under Scrutiny
The GST demand pertains to the financial year 2021-2022. The assessment was conducted under Section 73 of the Central Goods and Services Tax Act, 2017 and the Punjab Goods and Services Tax Act, 2017.
Company’s Response
ICICI Lombard is currently evaluating options to challenge the order. This includes the possibility of filing an appeal or a writ petition against the order. The company is exploring all available legal avenues to address the demand.
Grounds for Demand
The order has imposed the demand on the following grounds:
* Reduction in outward liability by issuance of credit notes. * Computation of input tax credit eligible to the Company.
Source: BSE