ICICI Prudential Life Insurance has received a partially favorable order regarding its tax appeal related to FY2019. The appeal, concerning a GST input tax credit mismatch, resulted in a partial allowance in favor of the company while also partially upholding the original tax demand. The total amount involved is ₹72,23,218, including GST, interest, and penalty.
Tax Appeal Update
ICICI Prudential Life Insurance has received an order related to its tax appeal. The appeal was filed in response to an order passed concerning discrepancies in the Goods & Services Tax (GST) for the financial year 2019. The issue relates to a mismatch in Input Tax Credit appearing on the GST portal versus what was claimed.
Order Details
The Joint Commissioner of State Tax, Mumbai, issued an order on November 27, 2025, partially allowing the company’s appeal. While the company received a favorable outcome on some aspects, a portion of the original tax demand was upheld. The total financial implication of this matter includes:
- GST: ₹ 30,33,428
- Interest: ₹ 38,86,446
- Penalty: ₹ 3,03,344
- Total: ₹ 72,23,218
Currently, there is no impact at this stage.
Next Steps
The company intends to file a further appeal against the order to protect its interests. ICICI Prudential will proceed with filing the appeal before the appropriate authority.
Source: BSE