ICICI Prudential Life Insurance Company has received an unfavourable order from the Commissioner of CGST and Central Excise (Appeals-III), Mumbai, upholding a tax demand related to the reversal of input tax credit under the Goods and Services Tax (GST) law, as per the company’s filing with the stock exchange.
In a regulatory filing, the insurer said the appeal petition filed before the Commissioner (Appeals) has been dismissed, thereby upholding the tax demand raised earlier under Form GST DRC-07.
Appeal dismissed by Mumbai GST authority
The company said it received the order at 9:15 am on 19 February 2026 from the Commissioner of CGST and C.Ex, Appeals-III, Mumbai. The development follows an earlier order passed by the Additional Commissioner, CGST and C.Ex, Palghar Commissionerate, Maharashtra, against which the company had filed an appeal, according to the filing.
Tax demand relates to input tax credit reversal
According to the filing, the case is related to a reversal of input tax credit under GST for the period between July 2017 and July 2022. For the same, the company faces a GST demand of Rs 492.06 crore along with an equal penalty of Rs 492.06 crore, making it Rs 984.12 crore, excluding interest.
The company said there is ‘no impact at this stage’.
To file further appeal
ICICI Prudential Life said it will file an appeal against the order before the appropriate authority in due course.
