ICICI Lombard Receives GST Penalty Order Worth Rs 2.25 Crore

The ICICI Lombard General Insurance, India’s leading general insurance company, is facing a heavy GST penalty of Rs 2,25,07,443 along with tax demand and interest under the CGST Act. The company has received a GST Order, demanding tax along with interest and said penalty. The order relates to the Input Tax Credit (ITC) eligibility issues for three financial years.

As per the disclosure made by the company, the GST order was received on January 8, 2026, from the Additional Commissioner, CGST & Central Excise, Palghar, under Section 73(9) of the CGST Act and Section 20 of the IGST Act, 2017, for the Financial Year 2021-22 to Financial Year 2023-24.

The GST order raises demand of Rs 22,50,74,432 along with interest as per section 50 of the CGST Act and a penalty of Rs 2,25,07,443. The order questions the eligibility of the Input Tax Credit (ITC) transferred to the company via Form ITC-02.

The above disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ICICI Lombard General Insurance has stated that there is no major impact at this stage, and it has decided to challenge the order. It plans to file an appeal against the order and evaluate other legal options available under the law, including a writ petition.