ICICI Prudential Life Insurance Receives Tax Demand Order Related to FY2024 Operations
ICICI Prudential Life Insurance Company Limited has received an order regarding a tax demand for Fiscal Year 2024 from the Deputy Commissioner of State Tax, Raipur, Chhattisgarh. The communication was received on June 4, 2026, at 4:13 pm.The order, which upholds a tax demand raised under Form GST DRC 07, relates to issues including mismatches in Input Tax Credit (ITC) claimed in Form 3B versus details in Form 2A, the reversal of Input tax credit as per GST Law, and general mismatch in GST liability.
According to the details provided, the financial implications of this demand are substantial. The total amount stands at ₹ 166,560,929/-, comprising:
| Financial Head | Amount (INR) |
|---|---|
| GST Demand | ₹ 106,127,843/- |
| Interest Demand | ₹ 39,266,389/- |
| Penalty Imposed | ₹ 21,166,697/- |
The authority in Raipur has imposed a penalty of ₹ 21,166,697/. Despite the implications, the company noted that there is "No impact at this stage" regarding the financial implications.
In response to the communication received from the Deputy Commissioner of State Tax, ICICI Prudential Life Insurance Company Limited has stated its intention to file an appeal against the order before the appropriate authority within the prescribed timelines.
ICICIPRULI Stock Price Movement
ICICI Prudential Life Insurance Company Limited saw its stock gain today, settling at ₹483.25 after shareholders booked a 2.07% jump in after-hours trading. The equity traded within an intraday range spanning from a low of ₹477.25 to a high of ₹490.4, with over 1.63 million shares traded throughout the day.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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