ICICI Bank Limited — Important, 04-02-2025: General Updates

ICICI Lombard General Insurance Company Limited disclosed that it received an order from the Additional Commissioner of CGST & Central Excise, Palghar Commissionerate, confirming a tax demand of ₹ 1,191.42 crore (cr) under Section 74 of the Central Goods and Services Tax Act, 2017. Additionally, a penalty totaling ₹ 1,191.58 crore has been levied, covering the period from July 2017 to March 2023. The company plans to appeal the order, which centers on an industry-wide issue regarding Input Tax Credit entitlements for specific marketing expenses. The potential financial impact is significant, with the company previously depositing ₹ 50 crore under protest, which is now sought to be appropriated by the authorities. This situation necessitates close monitoring due to its possible ramifications on the company’s financial standing and future operational flexibility.