ICICI Lombard General Insurance received GST demand order of Rs 22.50 crore

New Delhi: ICICI Lombard General Insurance Company Limited has received a GST Demand order from the Additional Commissioner, CGST and Central Excise, Palghar of Rs 22.50 crore.

As per the filing, the Company has received an Order on January 8, 2026 at 3:22 p.m. from the Additional Commissioner, CGST & Central Excise, Palghar, raising a GST demand of Rs 22,50,74,432/-, Interest as per Section 50 of Central Goods and Services Tax Act, 2017 (‘the Act’) and levying penalty of Rs 2,25,07,443/- under Section 73(9) of the Act, read with corresponding Sections of respective State / UT GST Acts & Section 20 of IGST Act, 2017 covering various States for FY2021-22 to FY2023-24.

The Company would pursue an appeal / evaluate any other legal options against the said Order including filing of writ petition.

ICICI Lombard General Insurance is a joint venture primarily owned by ICICI Bank Ltd. and Fairfax Financial Holdings Limited, though its ownership structure has shifted, with ICICI Bank holding a majority stake and Fairfax a significant minority stake in this leading private sector general insurer in India.