Key Quantitative Figures
The company has received an appellate order confirming:
- GST demand: ₹ 2,41,82,080 (₹2.42 crore)
- Interest demand: ₹ 1,47,485 (₹1.47 lakh)
- Penalty levied: ₹ 2,64,01,686 (₹2.64 crore)
- Total financial exposure: ₹ 5,07,31,251 (₹5.07 crore)
Dates of Action
- Original order receipt date: November 22, 2024 (previously disclosed)
- Appellate order receipt date: October 6, 2026 at 11:15 a.m.
- Disclosure date: October 7, 2026
- Applicable period: July 2017 to March 2018
Parties Involved
- Issuing authority: Joint Commissioner (Appeals-I), Hyderabad
- Original authority: Assistant Commissioner of Central Tax, Ameerpet GST Division, Hyderabad GST Commissionerate
Basis of the Order
The appellate order confirmed the demand primarily on three grounds:
1. Computation of input tax credit eligible to the Company
2. Undischarged interest liability related to alleged delayed payment of tax by the Company
3. Alleged undischarged tax liability due to differences between returns filed by the Company
Financial Impact
The company states: "No impact at this stage, as total demand as per order including Interest and Penalty amount is already forming part of contingent liability."
Next Steps
The Company would pursue an appeal/evaluate any other legal options including filing of writ petition.
Additional Information
The disclosure includes Annexure 1 with detailed particulars as required by SEBI regulations. The information will be made available on the Company's website at www.icicilombard.com.