ICICI Prudential Life Insurance Receives GST Demand Order, Plans Appeal

Mike

February 4, 2025
ICICI Prudential Life Insurance Company Limited (NSE: ICICIPRULI, BSE: 540133)

ICICI Prudential Life Insurance Company Limited has disclosed that it received an order from the Additional Commissioner, CGST & C.Ex, Palghar Commissionerate, Maharashtra, regarding a demand raised in a show cause notice issued by the Directorate General of GST Intelligence (DGGI).

Key Details of the Order

Tax Demand: ₹492.06 crore
Interest: As per the provisions
Penalty: ₹492.06 crore
Timeframe of Demand: July 2017 to July 2022
Date of Receipt of Order: February 4, 2025

The company has stated that the order will not have a material adverse impact on its financial operations. However, ICICI Prudential Life plans to file an appeal before the Appellate Authority within the prescribed timelines.

Regulatory Context & Next Steps

The demand order is issued under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. ICICI Prudential Life had previously disclosed the notice on April 26, 2023, and June 26, 2023.

The company remains confident in its position and intends to challenge the order through appropriate legal channels.