Mumbai: ICICI Lombard General Insurance Company Ltd on Friday said it has received a GST order from the Additional Commissioner, CGST & Central Excise, Palghar, raising a tax demand of ₹22.5 crore, along with applicable interest and a penalty of ₹2.25 crore, for the period from FY2021-22 to FY2023-24.
In a regulatory filing, the country’s largest private non-life insurer said the order was received on January 8, 2026, and has been issued under Section 73(9) of the Central Goods and Services Tax Act, 2017, read with corresponding provisions of state GST laws and the Integrated GST Act, covering multiple states.
The demand relates to the eligibility of input tax credit (ITC) transferred to the company through Form ITC-02, the filing said. Besides the principal tax amount of ₹22.50 crore, the order also levies interest under Section 50 of the CGST Act and a penalty of ₹2.25 crore.
ICICI Lombard said it does not see any immediate impact on its financials, operations or other activities at this stage. “The company would pursue an appeal and evaluate other legal options against the said order, including filing of a writ petition,” it said, signalling that the demand will be contested.
GST disputes over input tax credit eligibility have emerged as a key area of scrutiny for insurers and financial services companies, particularly in cases involving corporate restructurings and transfer of business, where credits are migrated through statutory forms. Such matters often move through appellate forums and can take years to reach finality.
Shares of ICICI Lombard were trading largely unchanged in afternoon trade, with investors taking comfort from the company’s statement that there is no immediate financial impact and that it has strong legal options available.