ICICI Prudential Life Insurance Company Limited Receives Order Regarding Maharashtra GST Appeal
ICICI Prudential Life Insurance Company Limited announced on March 31, 2026, that it received an order from the Joint Commissioner of State Tax, Appeals, Maharashtra, concerning an appeal filed against an earlier order passed under the Maharashtra Goods and Service Tax Act, 2017, for fiscal year 2019. The appeal petition was partially allowed in favor of the company and partially upholding the tax demand.The tax demand stemmed from reasons including the reversal of input tax credit, a mismatch in Input Tax Credit (ITC) claimed in GSTR-3B, GSTR-2A and GSTR-9, and non-payment of tax on the sale of fixed assets.
The financial implications associated with the order are detailed below:
| Particulars | Details |
|---|---|
| GST | ₹ 979,078,983 |
| Interest | ₹ 1,330,673,768 |
| Penalty | ₹ 98,023,963 |
| Total | ₹ 2,407,776,714 |
The company has stated that there is no impact at this stage. ICICI Prudential Life Insurance Company Limited intends to file an appeal against the order before the appropriate authority.
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