ICICI Prudential Life Insurance has received an order from the Deputy Commissioner of State Tax, Chhattisgarh, on June 1, 2026. The order pertains to FY2023 and involves tax demands totaling ₹51,216,164, including GST, interest, and penalty. The company plans to file an appeal against this order before the Commissioner (Appeals) within the stipulated timelines.
Tax Order Received by ICICI Prudential
ICICI Prudential Life Insurance Company Limited has been served an order under the Goods and Services Tax (GST) Act, 2017. The communication was received from the Deputy Commissioner of State Tax, Chhattisgarh, on June 1, 2026, at 4.56 P.M., concerning the financial year FY2023.
Details of the Order and Financial Implications
The order upholds a tax demand previously raised under Form GST DRC 07. The primary reasons cited for the demand include a mismatch in Input Tax Credit (ITC) claimed in GSTR-3B versus GSTR-2A, reversal of input tax credit as per GST Law, and a mismatch in GST liability. The expected financial implications on the company are significant, with the total demand amounting to ₹51,216,164. This figure breaks down into GST of ₹30,985,948, interest of ₹17,118,341, and a penalty of ₹3,111,875. An identified penalty or restriction imposed by the authority is noted as ₹3,111,875.
Company’s Response and Future Actions
ICICI Prudential Life Insurance Company Limited has stated that there is no impact at this stage and that the company intends to file an appeal against the order. The company will submit its appeal before the Commissioner (Appeals) within the prescribed timelines. This disclosure is made in compliance with Regulation 30(13) of the SEBI Listing Regulations.
Source: BSE
