The insurer said the order is not expected to have a material adverse impact on its financial operations at this stage, as it intends to challenge the decision.
ICICI Prudential Life's appeal against a Maharashtra GST demand for FY2019 has yielded only partial relief, as the insurer's cumulative tax disputes continue to grow.
The order is the largest in a series of income tax demands hitting India's life insurers, as the tax authority challenges the sector's treatment of reserves, fund losses, and exemption claims.
