ICICI Lombard Takes on GST Heat: ₹4.24 Crore Demand, Legal Battle Brewing

ICICI Lombard General Insurance Company Ltd. disclosed on December 24, 2025, that it has received a GST demand order from the Excise and Taxation Officer-cum State Tax Officer, Ludhiana. The total demand amounts to ₹4.24 crore, comprising ₹2.20 crore in GST, ₹1.49 crore in interest, and ₹55.07 lakh in penalty for the financial year 2021-22. The order was issued under Section 73 of the Central Goods and Services Tax Act, 2017, and the Punjab Goods and Services Tax Act, 2017.

 

The grounds for the demand include reduction in outward liability due to credit note issuance and disputes over the computation of input tax credit eligible to the company. ICICI Lombard has clarified that it will pursue an appeal and evaluate other legal options, including filing a writ petition, to contest the order. The company emphasized that there is no quantifiable financial impact at this stage.

 

Key Highlights:  

Source: BSE Corporate Announcement, ICICI Lombard General Insurance Company Ltd.