ICICI Prudential Faces Rs 1.9 Billion Tax Demand: Challenges Mount for Insurance Giant

CICI Prudential Life Insurance Company Ltd has been hit with a series of tax demands totaling approximately Rs 1.9 billion. The company received a GST order upholding tax demands for FY2019 to FY2021, and an income tax order of Rs 361.23 crore for the assessment year 2022-23. Additionally, the insurer faced a Rs 429.05 crore GST demand from Maharashtra in August 2024. These tax challenges come as ICICI Prudential reported a 43% jump in Q3 profit, driven by higher premiums from new policy sales. The company plans to appeal against these orders, highlighting the ongoing regulatory scrutiny in the insurance sector.
Source: CNBC TV18