ICICI Prudential Life Insurance Company Limited received an order on March 30, 2026, from the Joint Commissioner of State Tax (Appeals), Maharashtra, regarding a prior demand from FY2019. The appeal was partially allowed in favor of the company, though a substantial tax demand was partially upheld. The total original demand, including interest and penalties, amounted to ₹2,407.77 crore, with a specific penalty of ₹98.02 million imposed.
Update on Tax Dispute Resolution
ICICI Prudential Life Insurance Company Limited has provided an update concerning an order received related to a demand raised under the Maharashtra Goods and Service Tax Act for the financial year FY2019. Following an initial appeal filed by the Company, an order was received from the Joint Commissioner of State Tax, Appeals, Maharashtra, on March 30, 2026, at 6:47 p.m.
The resolution states that the appeal petition was partially allowed in favor of the Company, while simultaneously partially upholding the original tax demand.
Details of the Financial Implications
The material contents of the communication outline the basis for the original demand and the resulting financial exposure. The primary reasons cited for the demand included:
- Reversal of Input Tax Credit (ITC) as per GST Law.
- Mismatch in ITC claimed in GSTR-3B versus GSTR-2A and GSTR-9 records.
- Non-payment of tax pertaining to the sale of fixed assets during FY2019.
The expected financial exposure related to this order, as detailed by the authority, is significant:
- GST Demand: ₹979,078,983/-
- Interest: ₹1,330,673,768/-
- Penalty: ₹98,023,963/-
- Total Demand: ₹2,407,776,714/-
The order specifically imposed a Penalty of ₹98,023,963/-.
Next Steps and Company Action
Despite the partial relief, the Company has decided on immediate recourse against the upheld demand. The Company has stated that it shall file an appeal against the said order before the appropriate authority.
At this stage, the management has assessed that there is No impact on the listed company’s financials resulting from this specific communication, likely due to provisions already made or the uncertainty pending the final appeal process.
Source: BSE
