Hyderabad tax authorities have raised an aggregate GST demand of ₹3,29,83,282 and a penalty of ₹14,78,606 against ICICI Lombard General Insurance for FY2018-19. The Commissioner of Customs & Central Tax (Appeals-I) issued two orders in early September 2026, rejecting the insurer’s appeal while allowing the department’s counter-appeal.

The regulatory action stems from disputes over input tax credit eligibility and alleged undischarged tax liabilities due to discrepancies in filed returns. The company had previously received relief on a portion of the demand but lost that concession in the latest ruling.

Order Details

The Commissioner Appeals-I issued separate communications on consecutive days:

• September 1, 2026: Allowed the department’s appeal against the earlier relief of ₹1,81,97,223 granted to the company regarding eligible input tax credit.
• September 2, 2026: Rejected the company’s appeal, confirming the original GST demand of ₹1,47,86,059 and the penalty of ₹14,78,606.

What the Numbers Show

The total liability combines the reinstated relief amount of ₹1,81,97,223 with the confirmed base demand of ₹1,47,86,059. This structure indicates that the primary financial exposure arises from the reversal of previously granted input tax credit benefits rather than solely from the initial disputed assessment. The penalty remains fixed at ₹14,78,606, representing approximately 4.5% of the total confirmed GST demand.

Next Steps

ICICI Lombard stated it would pursue further appeals or evaluate other legal options, including filing a writ petition against the orders. The company noted that the penalty already forms part of its contingent liabilities.

ICICI Lombard General Insurance has released the schedule of its analyst and institutional investor meetings for September 2026. The disclosure was made pursuant to Regulation 30 read with Schedule III and Regulation 46(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company confirmed that no unpublished price-sensitive information will be shared during these engagements. All five scheduled interactions are set to take place in person, with four events located in Mumbai and one in Gurgaon.

Meeting Schedule

The firm will participate in major industry conferences throughout the month. Key engagements include the Ashwamedh - Elara India Dialogue 2026 on September 1 and the UBS India Summit 2026 on September 10. Later in the month, management will attend the Jefferies 5th India Forum in Gurgaon on September 16, followed by the J.P. Morgan India Conference and the Anand Rathi Annual Flagship Conference G200 Summit 2026 in Mumbai on September 21 and 22 respectively.

The disclosure noted that the schedule is subject to change due to exigencies on the part of analysts, investors, or the company. The full details are available on the company’s website.