GST appellate order confirms ₹ 2,41,82,080 demand, ₹ 1,47,485 interest and ₹ 2,64,01,686 penalty

ICICI Lombard has received an order dated October 6, 2026 from the Joint Commissioner (Appeals-I), Hyderabad.

Wed 7 Oct 2026

GST Demand Confirmed

₹ 2,41,82,080/-

Interest

₹ 1,47,485/-

Penalty

₹ 2,64,01,686/-

What the company disclosed

• ICICI Lombard has received an order from the Joint Commissioner (Appeals-I), Hyderabad, on October 6, 2026 at 11:15 a.m.
• The order confirms a GST demand of ₹ 2,41,82,080/-, interest of ₹ 1,47,485/- and a penalty of ₹ 2,64,01,686/-
• The period covered is July 2017 to March 2018
• The earlier order, from the Assistant Commissioner of Central Tax, Ameerpet GST Division, Hyderabad GST Commissionerate, had raised the same demand, interest and penalty. The company had shared an appeal against that order

The grounds stated for the demand

• Computation of input tax credit eligible to the company
• Undischarged interest liability related to alleged delayed payment of tax by the company
• Alleged undischarged tax liability due to differences between returns shared by the company

What the company says next

• It would pursue an appeal or evaluate other legal options, including update of a writ petition
• On financial impact, the company states there is no impact at this stage, as the total demand as per the order, including interest and penalty, is already forming part of its contingent liability

How to read this

An appellate authority has confirmed the demand rather than setting it aside, so the matter moves to the next legal step rather than ending. Because the company says the amount is already reflected in its contingent liability, the immediate read-through is that the figure was already accounted for in disclosures. A contingent liability is a possible obligation disclosed in the books, not a charge against profit at this stage.

The company's own stated position is that there is no impact at this stage, and it is contesting the order. The figures above are the amounts named in the order.

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