ICICI Lombard General Insurance Company Limited has received a significant GST demand order from tax authorities, prompting the company to make a regulatory disclosure under SEBI guidelines. The order pertains to Input Tax Credit eligibility issues spanning three financial years and carries substantial financial implications for the insurance major.

GST Demand Order Details

The Additional Commissioner, CGST & Central Excise, Palghar issued the order on January 8, 2026, at 3:22 p.m. under Section 73(9) of the Central Goods and Services Tax Act, 2017. The order covers corresponding sections of respective State/UT GST Acts and Section 20 of IGST Act, 2017 across various states.

Nature of Tax Dispute

The GST demand order specifically addresses the eligibility of Input Tax Credit transferred to the company via Form ITC-02. This relates to the company's claim and utilization of input tax credits during the specified period. The tax authorities have questioned the legitimacy of these credit transfers, leading to the substantial demand notice.

Company's Response Strategy

ICICI Lombard General Insurance has outlined its approach to contest the order through multiple legal avenues. The company plans to pursue an appeal against the GST demand order and evaluate other legal options available under the law. Additionally, the company is considering filing a writ petition as part of its comprehensive legal strategy to challenge the authorities' decision.

Financial Impact Assessment

The company has stated that there is no impact at this stage, indicating that the demand order does not immediately affect its financial position. The total exposure including the primary demand and penalty amounts to approximately ₹24.76 crores, excluding the interest component which will be calculated as per Section 50 of the CGST Act.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with the Industry Standards Note on Regulation 30. Company Secretary Vikas Mehra signed the disclosure document, confirming that the information provided is true, correct, and complete to the best of the company's knowledge and belief.

ICICI Lombard General Insurance has reported a notable 16% year-over-year increase in insurance premiums for December, demonstrating strong performance in the general insurance sector. This growth indicates the company's continued ability to expand its premium collection and strengthen its market position.

Premium Growth Performance

The insurance company's December performance shows solid momentum in premium collection, with the 16% year-over-year growth reflecting positive market dynamics and effective business execution.

Market Position

The reported premium growth underscores ICICI Lombard General Insurance's strong presence in the Indian general insurance market. The company's ability to achieve double-digit growth in premium collection demonstrates its competitive positioning and customer acquisition capabilities.

This performance metric provides insight into the company's operational effectiveness and market demand for its insurance products during the reporting period. The year-over-year comparison highlights the company's growth trajectory in the evolving insurance landscape.