ICICI Prudential Life Insurance Receives Tax Order for FY2023 from Chhattisgarh State Tax Authority
ICICI Prudential Life Insurance Company Limited has received a tax demand order for the financial year 2023 from the Deputy Commissioner of State Tax, Raipur, Chhattisgarh. The communication, received on June 1, 2026, relates to discrepancies in Goods and Services Tax (GST) liabilities and credits.The order was issued following allegations of mismatch in Input Tax Credit (ITC) claimed in Form 3B compared to Form 2A, mandatory reversal of Input Tax Credit as per GST law, and general mismatch in GST liability.
In response to the communication, the company announced it will appeal the order before the appropriate authority within the mandated timelines.
Financial Implications of the Tax Order
The tax order carries significant financial implications, resulting in total liabilities of ₹ 51,216,164/-. These figures include the demanded GST, interest, and penalty.The financial breakdown is detailed as follows:
| Component | Amount |
|---|---|
| GST Demand | ₹ 30,985,948/- |
| Interest | ₹ 17,118,341/- |
| Penalty | ₹ 3,111,875/- |
| Total Liability | ₹ 51,216,164/- |
While the total assessed amount is ₹ 51,216,164/-, the company stated that the tax matter has no impact at this stage. The penalty component specified in the order amounts to ₹ 3,111,875/-.
The tax demand applies to the Financial Year 2023.
ICICIPRULI Stock Price Movement
Shares of ICICI Prudential Life Insurance Company Limited today slipped by 1.15% to settle at ₹482.45. The equity experienced heavy selling volume, trading over 3.01 million shares, indicating sustained bearish sentiment across the life insurance sector.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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