The comedy centres on Paresh Rawal's character, who finds his faith tested after his shop is destroyed by a storm.
Vikram Malhotra of Viacom18 Pictures told the Hindustan Times: "We haven't been given an official statement yet, but from what we've been told, the content of the movie is too sensitive.
"A couple of screenings were held by the authorities there. After reviewing the film, they concluded that the film is not acceptable to them."
The trailer features Rawal stating all the reasons his character does not believe in God.
In February, it was reported that Kumar will be playing Lord Krishna in the film.
Sonakshi Sinha will also be appearing in an item number, making OMG Oh My God! her third collaboration with Kumar.
She recently described herself as "lucky" to have been chosen by the veteran actor for Rowdy Rathore and Joker.
OMG Oh My God! releases today in the UK.
Watch the teaser trailer for OMG Oh My God! below: