Action(s) taken or orders passed

ICICI Prudential Life Insurance has received an order from the Additional Commissioner dismissing its appeal and upholding a tax demand related to non-payment of tax on certain outward supplies covering the period from July 2017 to September 2019. The order entails a GST liability of ₹ 1.88 Cr and a matching penalty of ₹ 1.88 Cr, bringing the total financial implication to ₹ 3.75 Cr, alongside unquantified interest.

The company has clarified that this development has no adverse material impact on its financial operations and plans to pursue further legal recourse by filing an appeal before the appropriate appellate authority.