ICICI Lombard General Insurance Company Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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ICICI Lombard has received a fresh order from the Additional Commissioner, CGST & Central Excise, Palghar Commissionerate, dated September 29, 2025, confirming a GST demand of about ₹1,728.86 crore plus a penalty of about ₹172.89 crore and interest under Section 50 of the CGST Act, 2017, for the period July 2017 to March 2022. The dispute relates to non-payment of GST on co-insurance premium received as a follower and on re-insurance commission, issues the company describes as industry-wide. The Bombay High Court had earlier set aside the original order and asked the authority to re-hear the matter in line with the GST Council's 53rd meeting decision (June 22, 2024), but the fresh order has still confirmed the same demand. The company has stated it will pursue an appeal and may file a writ petition against the order.
The financial impact is currently uncertain as the company plans to appeal, but the order keeps a large contingent tax liability (over ₹1,900 crore including penalty, excluding interest) alive, which may weigh on sentiment until resolution. Investors should watch for updates on the appeal, as a final adverse ruling could materially affect earnings and reserves.