ICICI Lombard General Insurance Company Limited has informed the Exchange about Action(s) taken or orders passed
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Awaiting price reaction for this filing.
ICICI Lombard has received an order dated January 8, 2026, from the Additional Commissioner, CGST & Central Excise, Palghar, raising a GST demand of ₹22.50 crore plus applicable interest, along with a penalty of ₹2.25 crore under Section 73(9) of the CGST Act. The dispute relates to the eligibility of Input Tax Credit (ITC) transferred to the company via Form ITC-02 and covers financial years FY2021-22 to FY2023-24 across multiple states. The total financial impact, if the order is upheld, could be around ₹24.75 crore (excluding interest). The company has stated it will pursue an appeal and may file a writ petition to challenge the order. The company has clarified there is no immediate impact at this stage.
Shareholders should note this is a tax demand that ICICI Lombard intends to contest, so the financial hit is not yet final. If the appeal fails, the company may need to pay around ₹24.75 crore plus interest, which is small relative to its overall scale but worth tracking. The stock may see minor short-term pressure due to the negative news, though the company's decision to appeal signals confidence in overturning the order.