ICICI Prudential Life Gets ₹3.67 Crore GST Demand Order

Mumbai: ICICI Prudential Life Insurance on Friday said that it has received an order from the GST Commissioner (Appeals), Mumbai, upholding a tax demand of around Rs 3.67 crore.

The order relates to a dispute over service tax credit that the company had carried forward when the Goods and Services Tax (GST) system was introduced in 2017.

"The company has received an order from the Commissioner of CGST & Central Excise (Appeals), Mumbai, on April 17, upholding the tax demand," the company said in a regulatory filing.

Earlier, on July 2, 2024, the Central Goods and Services Tax (CGST) department in Mumbai passed an order denying part of the service tax credit that the company had transitioned into the GST framework during the 2017-18 financial year.

Following this, ICICI Prudential had filed an appeal before the Commissioner (Appeals).

"We refer to our letter dated July 2, 2024, with respect to the order under Section 74 of the Central Goods and Service Tax (CGST) passed by Additional Commissioner, CGST & Central Excise Mumbai for FY2018. Subsequently, the Company had filed an appeal before the Commissioner (Appeals)," it added in its filing.

"In this regard, please be informed that the Company has received an order from Commissioner of CGST and Central Excise (Appeals), Mumbai, on April 17, 2025, at 2.22 p.m., upholding the tax demand," the company’s exchange filing stated.

The total demand includes a GST liability of over Rs 1.83 crore, along with an equal amount imposed as a penalty.

The company said: "We further state and declare that the information and details provided in Annexure A, in compliance with Regulation 30(13) of the SEBI Listing Regulations, are true, correct, and complete to the best of our knowledge and belief."

ICICI Prudential Life said it plans to challenge the order. "The company shall file an appeal against the said order before appropriate authority," it added.

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