ICICI Lombard faces significant GST demand, penalty from authorities

ICICI Lombard General Insurance Company Limited announced on December 3, 2025, that it received an order from the Joint Commissioner, CGST & Central Excise, Bhopal, on December 2, 2025. This order imposes a GST demand of ₹47,41,42,600 and a penalty of ₹47,41,34,646 under Section 74 of the CGST Act, 2017, along with interest under Section 50 for the fiscal years 2018-2019 to 2022-23. The company plans to appeal the order with appellate authorities or explore other legal avenues, including filing a writ petition.

The demand stems from alleged undischarged tax liability due to reconciliation differences, delayed payment of tax on advances, short payment of tax under the reverse charge mechanism on certain expenses, and issues related to the computation of eligible input tax credit.

Despite the significant demand and penalty, ICICI Lombard stated there would be "No impact at this stage," indicating their intention to contest the order without immediate financial repercussions. This disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.