ICICI Prudential Life Insurance announced on April 18, 2025, that it has received an order from the GST Commissioner (Appeals) upholding a tax demand of approximately ₹3.67 crore.
The order, received on April 17, 2025, stems from an initial ruling by the Central Goods and Service Tax (CGST) authorities in Mumbai on July 2, 2024. This earlier ruling denied a portion of the service tax credit that the company had transitioned to the GST regime during the 2017-2018 fiscal year, coinciding with the GST launch.
The tax demand includes a GST liability of over ₹1.83 crore and a penalty of an equal amount. ICICI Prudential Life plans to appeal the order before the appropriate authority.