ICICI Prudential Life Receives GST Demand Order of Rs 3.67 Crore

Synopsis

On April 18, ICICI Prudential Life Insurance disclosed that it received a GST Commissioner order in Mumbai, validating a tax demand of approximately Rs 3.67 crore, tied to service tax credit issues from the 2017 GST implementation. The company intends to appeal this decision.

Key Takeaways

ICICI Prudential Life has received a Rs 3.67 crore GST demand.
The demand relates to service tax credit disputes from 2017.
A penalty of equal amount is also included.
The company plans to appeal the ruling.
The decision was communicated in a regulatory filing.

Mumbai, April 18 (NationPress) - On Friday, ICICI Prudential Life Insurance announced that it has received a ruling from the GST Commissioner (Appeals) in Mumbai confirming a tax demand of approximately Rs 3.67 crore.

The ruling pertains to a contention regarding the service tax credit that the company carried over when the Goods and Services Tax (GST) was implemented in 2017.

The company stated, "An order from the Commissioner of CGST & Central Excise (Appeals), Mumbai, was received on April 17, affirming the tax demand," in a regulatory announcement.

Previously, on July 2, 2024, the Central Goods and Services Tax (CGST) department in Mumbai issued an order rejecting a portion of the service tax credit that the company had transferred into the GST regime during the 2017-18 fiscal year.

In response, ICICI Prudential lodged an appeal with the Commissioner (Appeals).

The company referenced its letter dated July 2, 2024, regarding the order under Section 74 of the Central Goods and Service Tax (CGST) issued by the Additional Commissioner, CGST & Central Excise Mumbai for FY2018. Following this, the company appealed to the Commissioner (Appeals)," it included in its filing.

The company specified, "Please be advised that we have received an order from the Commissioner of CGST and Central Excise (Appeals), Mumbai, on April 17, 2025, at 2:22 p.m., reaffirming the tax demand," according to the company’s exchange filing.

The total demand encompasses a GST obligation exceeding Rs 1.83 crore, alongside an equivalent amount imposed as a penalty.

In their statement, the company noted: "We additionally declare that the information and details presented in Annexure A, in accordance with Regulation 30(13) of the SEBI Listing Regulations, are accurate, correct, and complete to the best of our knowledge and belief."

ICICI Prudential Life expressed its intention to contest the order, stating: "The company will file an appeal against the said order before the appropriate authority," it added.