ICICI Prudential Life Insurance received an order from the Deputy Commissioner of State Tax, Chhattisgarh, upholding a total tax demand of ₹166,560,929 for FY2024. The order, issued under Section 73 of the Goods and Service Act, 2017 on June 4, 2026, cites discrepancies regarding Input Tax Credit (ITC) and GST liability. The company has stated that it intends to file an appeal against the order before the appropriate authority.
The tax authority identified a mismatch between the ITC claimed in Form GSTR-3B and Form GSTR-2A, leading to a reversal of credit as per GST Law. Additionally, a mismatch in GST liability was noted. The financial implications of the order are detailed below, though the company noted there is no impact at this stage pending the appeal.
| Component | Amount (₹) |
| GST | 106,127,843 |
| Interest | 39,266,389 |
| Penalty | 21,166,697 |
| Total | 166,560,929 |
The communication was received on June 4, 2026, at 4:13 pm. The order imposes a penalty of ₹21,166,697. The company confirmed that the appeal will be filed before the Commissioner (Appeals) within the stipulated period.
The disclosure was made to the exchanges in compliance with Regulation 30 and Regulation 51 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Priya Nair, Company Secretary and ACS, signed the disclosure on behalf of ICICI Prudential Life Insurance Company Limited.
Source from: https://scanx.trade/stock-market-news/companies/icici-prudential-faces-gst-demand-of-166-56-crore-for-fy2024/42201395
