ICICI Prudential Life Insurance has received a partially favourable order from the Joint Commissioner of State Tax, Appeals, Maharashtra, regarding a goods and services tax (GST) demand for the financial year 2019.
The order, received on March 30, 2026, pertains to an appeal against a previous assessment issued under Section 73 of the Maharashtra Goods and Service Tax Act, 2017. The Joint Commissioner partially allowed the company’s appeal petition whilst upholding portions of the original tax demand.
The GST demand stems from three key issues identified by the tax authority: reversal of input tax credit as per GST law, mismatches in input tax credit claimed across various GST returns (GSTR-3B, GSTR-2A, and GSTR-9), and non-payment of tax on the sale of fixed assets.
The financial implications of the order total ₹2,407,776,714, comprising GST of ₹979,078,983, interest of ₹1,330,673,768, and penalty of ₹98,023,963. The company stated that there is no financial impact at this stage, indicating that the partially allowed appeal has reduced the overall exposure compared to the original demand.
ICICI Prudential Life announced that it shall file a further appeal against the order before the appropriate authority. The company initially disclosed the original tax demand in a regulatory filing dated April 30, 2024, and has now updated the market regarding the outcome of its appeal proceedings.
The disclosure was made in compliance with Regulation 30(13) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, filed with both the National Stock Exchange of India and BSE Limited.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).