ICICI Prudential Life Insurance hit with Rs 984 crore tax demand

ICICI Prudential Life Insurance Company Limited has received an unfavourable appellate order upholding a tax demand of Rs 984 crore, the insurer said in an exchange filing on Thursday.

According to the company’s disclosure, the Commissioner of CGST and Central Excise (Appeals-III), Mumbai, dismissed its appeal at 9:15 a.m. on Thursday, thereby sustaining the tax demand originally raised under Form GST DRC-07. The demand pertains to reversal of input tax credit under GST law for the period from July 2017 to July 2022.

The total financial implication comprises GST dues of Rs 4,92,06,48,296, an equivalent penalty of Rs 4,92,06,48,296, and applicable interest, aggregating to Rs 9,84,12,96,592. The company, however, stated there is no impact at this stage.


ICICI Prudential Life said it will file a further appeal before the appropriate authority in due course.

The insurer added that the disclosure made under applicable securities regulations is true, correct and complete to the best of its knowledge.