ICICI Lombard faces ₹4.24 crore GST demand, interest, and penalties

ICICI Lombard General Insurance Company Limited announced today that it received an order on December 24, 2025, from the excise and taxation officer-cum state tax officer, Ludhiana. The order raises a GST demand totaling ₹2,20,29,303/-, along with interest of ₹1,48,69,780/- and a penalty of ₹55,07,326/-, under Section 73 of the Central Goods and Services Tax Act, 2017, and Punjab Goods and Services Tax Act, 2017, for the financial year 2021-2022.

The demand stems from alleged issues related to the reduction in outward liability due to the issuance of credit notes and the computation of input tax credit eligibility. In response, ICICI Lombard intends to pursue an appeal and evaluate other legal options, including filing a writ petition, against the order.

The company affirmed that this matter has no impact on its financial, operational, or other activities, aside from the quantifiable monetary terms outlined. The total financial impact from the demand, interest, and penalty amounts to ₹4,24,06,409/-.