ICICI Prudential Life Insurance Company Limited has informed the Exchange about Update on Disclosure under Regulation 30 and Regulation 51 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations)
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ICICI Prudential Life Insurance has received a mixed order from the Joint Commissioner of State Tax (Appeals), Maharashtra on March 30, 2026, in connection with a GST demand originally raised in April 2024 for FY2019. The appeal has been partially allowed in favour of the company and partially upheld, meaning some relief was granted but a portion of the tax demand still stands. The original total demand was about ₹240.78 crore, comprising GST of ₹97.91 crore, interest of ₹133.07 crore, and penalty of ₹9.80 crore. The demand relates to reversal of input tax credit, mismatch in ITC claims across GSTR forms, and non-payment of tax on sale of fixed assets. The company has stated 'no impact at this stage' and will file a further appeal before the appropriate authority.
Near-term impact is limited as the company will contest the upheld portion through a further appeal, so no immediate outflow is expected. However, the original demand of ~₹241 crore is material relative to the company's earnings, and the final ruling could affect future financials. The mixed outcome may keep the stock volatile until clarity emerges from the next hearing.