ICICI Lombard General Insurance Company has received a revised order from the Office of the Commissioner of GST & Central Excise (Appeals – I), Chennai, imposing an interest demand of ₹72,44,780 and a penalty of ₹3,05,98,935. This order, dated April 29, 2026, pertains to the period from April 2018 to May 2019.
The revised order follows an earlier decision by the Additional Commissioner of GST & Central Excise, Chennai North, which had raised an interest demand of ₹1,49,38,247 and levied a penalty of ₹5,76,34,666 for the period April 2018 to March 2021. ICICI Lombard had filed an appeal against the initial order.
In response to the latest order, ICICI Lombard has indicated its intention to pursue further appeals or evaluate other appropriate actions. The company is currently assessing the impact of the revised financial implications, which include the significant reduction in both interest and penalty amounts compared to the initial order.
The revised order highlights alleged delayed payment of tax by ICICI Lombard, leading to the undischarged interest liability and penalty. However, the company has stated that there is no financial impact at this stage, as it plans to contest the order.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).