ICICI Prudential Life Insurance Partially Wins Tax Appeal, Faces Upholding of Tax Demand for FY2018 to FY2020
ICICI Prudential Life Insurance Company Limited has received an order concerning a tax demand related to the Tamil Nadu Goods and Service Tax Act (TNGST Act). The appeal petition filed by the company against the initial assessment has been partially allowed, while the tax demand has been partially upheld.The order was issued by the Commissioner (Appeals-I), and the company received the communication on August 3, 2026. This matter pertains to an initial order passed under Section 73 of the TNGST Act by the Additional Commissioner, Tamil Nadu, covering financial years FY2018 to FY2020.
The dispute involves several issues, including a mismatch in ITC claimed in GSTR-3B and GSTR-2A, reversal of Input tax credit as per GST Law, and payment of GST liability under the wrong sub-head of tax.
| Tax Component | Amount (₹) |
|---|---|
| Gross GST Demand | 48,842,982 |
| Penalty | 4,884,298 |
| Total Liability | 53,727,280 |
The financial details surrounding this tax liability are outlined above. The company stated that there is currently no impact on its finances at this stage following the receipt of the order.
Moving forward, ICICI Prudential Life Insurance Company Limited has indicated it will file an appeal against the said order before the appropriate authority.
ICICIPRULI Stock Price Movement
ICICI Prudential Life Insurance Company Limited shares slipped today by 1.68%, settling at ₹513.55 after trading down ₹8.80. The stock registered heavy selling pressure, having traded within a range of ₹502.20 to ₹521.80 and witnessing a volume of 5.35 million shares today.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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