ICICI Prudential Life Faces 9.84 Billion GST Demand as Mumbai Commissioner Dismisses Appeal

ICICI Prudential Life Insurance Company Limited has reported the receipt of an order from the Commissioner of CGST and Central Excise (Appeals-III), Mumbai, enforcing a tax and penalty demand of approximately ₹9.84 billion. In a regulatory filing, the insurer disclosed that its appeal against a previous tax demand had been dismissed, resulting in the upholding of the liability. The dispute pertains to the reversal of input tax credit under the Goods and Services Tax (GST) laws for the period spanning July 2017 to July 2022.

The authority upheld a GST demand of approx ₹4.92 billion while imposing an equivalent penalty of ₹4.92 billion.The aggregate financial implication, excluding applicable interest, stands at ₹9.84 billion. The original demand was raised under Form GST DRC 07.