For the ruling party: yes, or at least adjacent. The government has actively been suppressing LGBTQ+ minorities, with violence too, and they espouse nationalism, being opposed to a fully fledged democratic state.
It’s a social democratic country run by an early stage neofascist party. Social democracy is the form of a state adjacent to fascism - fascism emerges from social democracy and fascism returns to social democracy.
So Italy is in an early stage of fascist potential.
I ask because the party that is in power is considered a party that comes from fascist roots.
Edit: So I’m guessing you don’t consider it as fascist because the government isn’t being run in an authoritarian way not necessarily because of what the party’s roots and politicians in that party believe.