ICICI Bank gets ₹238 cr GST demand notice

ICICI Bank on Thursday, December 18, said tax authorities have slapped a demand notice of ₹238 crore on it for alleged short payment of GST.

On December 17, the bank has received an order under Section 73 of the Maharashtra Goods and Services Tax (GST) Act, 2017, from the relevant authority, raising a GST demand of ₹237,90,04,448, comprising  ₹216,27,31,316 in tax and ₹21,62,73,132 as penalty, along with interest as applicable for the same subject matter, ICICI Bank said in a regulatory.

Also read: ICICI Prudential AMC shares get another 'buy' rating before listing for 34% upside

"While the bank is in litigation (including writ petition) on similar issues raised in orders/SCNs in the past, since the aggregate/cumulative amount involved in the above crosses the materiality threshold, this matter is being reported," it said.

The bank will take appropriate steps, including contesting the order through a writ petition/appeal within prescribed timelines, it said.