ICICI Bank GST Notice: Private lender ICICI Bank on Tuesday informed that it has received a show cause notice for GST. On September 29, 2025 at 05:15 p.m.,
ICICI Bank Limited (the Bank) has received a Show Cause Notice (SCN) under section 73 of Maharashtra Goods and Services Tax Act, 2017 from Additional Commissioner of CGST and CEx., Mumbai East Commissionerate raising GST demand amounting to ₹ 216,27,31,316/- (Tax ₹ 216,27,31,316/- along with interest and penalty as applicable) on services provided by the Bank to customers maintaining specified minimum balances in their accounts. While the Bank is in litigation (including writ petition) on similar issue 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. The Bank will file a reply to the said SCN within prescribed timelines.
