ICICI Prudential Life Insurance Company Limited has received a mixed ruling on its GST appeal from Maharashtra tax authorities, with the Joint Commissioner of State Tax, Appeals partially allowing the company's petition while upholding certain tax demands for FY2019.

Appeal Order Details

The company received the order on March 30, 2026 at 6:47 p.m. from the Joint Commissioner of State Tax, Appeals, Maharashtra. This order relates to an earlier ruling passed under Section 73 of the Maharashtra Goods and Service Tax Act, 2017 by the Deputy Commissioner of State Tax for FY2019, which the company had previously disclosed in April 2024.

Financial Implications

The total demand upheld by the authorities amounts to ₹2,407,776,714, comprising multiple components:

The company has stated that there is no impact at this stage, indicating that the financial implications may not immediately affect its operations or financial position.

Reasons for Tax Demand

The GST demand has been raised due to several compliance issues identified by the tax authorities:

• Reversal of Input Tax Credit as per GST Law
• Mismatch in ITC claimed in GSTR-3B, GSTR-2A and GSTR-9 returns
• Non-payment of tax on sale of fixed assets

These issues highlight common GST compliance challenges faced by large corporations in managing input tax credits and ensuring consistency across different GST return filings.

Company's Response

ICICI Prudential Life Insurance has indicated that it will file an appeal against the order before the appropriate authority. This suggests the company intends to challenge the portions of the ruling that went against its favor, particularly regarding the substantial financial demands.

Regulatory Compliance

The disclosure has been made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, ensuring transparency with stakeholders regarding material developments that could impact the company's operations or financial position.

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