ICICI Prudential faces INR 13.53m tax demand from Rajasthan state

ICICI Prudential Life Insurance Company Limited received an order on December 26, 2025, from the deputy commissioner of state tax, Rajasthan state. The order upholds a tax demand under Form GST DRC 07 related to the reversal of input tax credit as per GST Law, specifically for the financial year 2019.

The expected financial implications for the company amount to INR 13,534,326. This total comprises GST of INR 4,113,777, interest of INR 5,306,772, and a penalty of INR 4,113,777.

ICICI Prudential Life Insurance Company intends to file an appeal against this order before the appropriate authority within the prescribed timelines. The company states there is no impact at this stage.