ICICI Prudential Life Insurance Company Limited has received a significant GST order from tax authorities in Rajasthan, demanding a total amount of ₹1.83 crore for financial year 2020. The company disclosed this development through a regulatory filing under SEBI listing regulations on March 26, 2026.

GST Order Details

The Deputy Commissioner of State Tax, Rajasthan issued the order under Section 74 of the Goods and Service Tax Act, 2017, which was received by the company on March 25, 2026 at 5.32 p.m. The order upholds a tax demand that was originally raised under Form GST DRC 07, specifically relating to the reversal of input tax credit as per GST law.

Financial Implications

The total demand comprises multiple components across different categories:

Despite the substantial amount involved, the company has stated that there is no financial impact at this stage, indicating that the matter is being contested.

Company's Response Strategy

ICICI Prudential Life Insurance has outlined its response plan to challenge the tax order. The company will file an appeal against the order before the Commissioner (Appeals) within the prescribed timelines as mandated by GST regulations. This approach suggests the company believes it has valid grounds to contest the demand.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 and Regulation 51 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Company Secretary Priya Nair signed the regulatory filing, confirming that the information provided is true, correct and complete to the best of the company's knowledge and belief.

Key Takeaways

• The GST order pertains specifically to FY2020 transactions • Interest component forms the largest portion of the total demand at ₹66.64 lakh • Company maintains no current financial impact despite the substantial demand • Appeal process will be initiated within regulatory timelines • Matter involves input tax credit reversal under GST provisions

ICICI Prudential Life Insurance Company Limited has received an Income Tax assessment order under Section 143(3) of the Income Tax Act, 1961 for Assessment Year 2024-25. The order was issued by the Assistant Commissioner of Income Tax, Central Circle 6(2), Mumbai on March 23, 2026 at 9:05 p.m., with a total demand of ₹3,910,838,913.

Assessment Order Details

The income tax assessment order addresses multiple issues that have been raised by the tax authorities. According to the company's regulatory filing, all issues mentioned in the assessment order are covered by favorable orders from Courts, Income Tax Appellate Tribunal Mumbai, and Commissioner of Income Tax (Appeals) in the company's own case for earlier years.

Financial Implications

The assessment order has resulted in a significant financial demand from the tax authorities. However, the company has stated that there is no impact at this stage, indicating confidence in its position.

Key Issues Raised

The assessment order covers several technical aspects of the company's tax treatment:

• Negative reserves considered as part of taxable surplus
• Transfer from shareholders account to policyholders account treated as income
• Exemptions under section 10 in respect of certain incomes not allowed
• Disallowance as per Section 14A read with Rule 8D made in respect of exempt income
• Shareholders income taxed as income from other sources

Company's Response

ICICI Prudential Life Insurance has announced that it will file an appeal against the assessment order before the Commissioner of Income Tax (Appeals) within the prescribed timelines. The company's regulatory filing emphasizes that all issues raised in the current assessment order have been previously addressed and resolved favorably in earlier years through various appellate forums including courts and tribunals.

The company made this disclosure under Regulation 30 and Regulation 51 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring compliance with regulatory requirements for material information disclosure to stock exchanges.