ICICI Prudential Life Insurance Company Limited has been served an order by the Deputy Commissioner of State Tax, Rajasthan, concerning the financial year FY2020. The order upholds a tax demand related to the Reversal of Input Tax Credit under the GST Law. The total demand, including GST, Interest, and Penalty, amounts to ₹1,83,46,019/-. The company intends to file an appeal against this ruling before the appropriate authority within the stipulated timeline.
Receipt of Tax Demand Order
ICICI Prudential Life Insurance Company Limited confirms receipt of an official order from the Deputy Commissioner of State Tax, Rajasthan, dated March 25, 2026. This communication pertains to the financial period of FY2020 and is based on an order upholding a tax demand raised previously via Form GST DRC 07.
Summary of Financial Implications
The material content of the communication involves the required Reversal of Input Tax Credit as mandated under the GST Law. The associated financial liability determined by the authority is itemized as follows:
- GST Component: ₹ 58,40,562/-
- Interest Component: ₹ 66,64,895/-
- Penalty Component: ₹ 58,40,562/-
- Total Demand: ₹ 1,83,46,019/-
The authority also imposed a specific penalty amounting to ₹ 58,40,562/- pursuant to the communication.
Company Response and Next Steps
At this stage, the company has assessed that there is No impact on its financials concerning this order. However, the company is taking immediate action to contest the ruling. ICICI Prudential Life Insurance Company Limited shall file an appeal against the said order before the appropriate appellate authority within the prescribed legal timelines.
Source: BSE
