ICICI Prudential Life Insurance Company Limited has received a significant GST order from tax authorities in Rajasthan, involving a total demand of ₹13.53 crores related to FY2019. The company disclosed this development to stock exchanges on December 26, 2025, in compliance with regulatory requirements under SEBI Listing Regulations.

GST Order Details

The Deputy Commissioner of State Tax, Rajasthan State, issued the order under Section 74 of the Goods and Service Tax Act, 2017, which was received by the company on December 26, 2025, at 11:31 a.m. The order upholds a tax demand that was previously raised under Form GST DRC 07, specifically relating to the reversal of input tax credit as per GST law.

Financial Implications

The GST order involves substantial financial components across multiple categories:

Despite the significant monetary value of the order, ICICI Prudential Life Insurance has indicated that there is no financial impact at this stage, suggesting the company's confidence in challenging the order through the appeals process.

Company's Response Strategy

The insurance company has outlined a clear course of action in response to the GST order. ICICI Prudential Life Insurance plans to file an appeal against the order before the Commissioner (Appeals) within the prescribed timelines as mandated by GST regulations. This approach demonstrates the company's intention to contest the tax demand through proper legal channels.

Regulatory Compliance

The disclosure was made under Regulation 30 and Regulation 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided comprehensive details about the communication received from tax authorities, including the nature of the order, financial implications, and planned response actions. Company Secretary Priya Nair signed the disclosure, ensuring compliance with all regulatory requirements and maintaining transparency with stakeholders regarding this material development.

ICICI Prudential Life Insurance Company Limited has disclosed receiving a significant GST order from Maharashtra authorities. The company received the order under Section 73 of the Goods and Service Act, 2017 from the Deputy Commissioner of State Tax, Mumbai, Maharashtra, on December 23, 2025, at 4:30 p.m., pertaining to FY2022.

GST Order Details

The regulatory communication involves an order upholding a tax demand that was initially raised under Form GST DRC 07. The primary issue centers around the reversal of input tax credit as per GST Law.

Company's Response Strategy

ICICI Prudential Life Insurance plans to file an appeal against the order before the appropriate authority within the prescribed timelines as mandated by GST regulations. The company has stated that there is no impact at this stage.

Regulatory Compliance

The disclosure has been made in compliance with Regulation 30 and Regulation 51 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided the required disclosure under Regulation 30(13) of the SEBI Listing Regulations.

Financial Impact Analysis

The total financial implication of ₹112.37 crores represents a significant increase from the previously reported amount. The breakdown shows:

The company has stated that the information and details provided in compliance with Regulation 30(13) of the SEBI Listing Regulations are true, correct, and complete to the best of their knowledge and belief.