ICICI Bank receives ₹216 crore GST demand from Maharashtra tax authorities

ICICI Bank Ltd has disclosed receiving a Show Cause Notice (SCN) from the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate, seeking a Goods and Services Tax (GST) demand of ₹216.27 crore. The notice, issued on September 29, 2025, pertains to services provided by the bank to customers maintaining specified minimum balances in their accounts.

The amount includes applicable interest and penalties under Section 73 of the Maharashtra GST Act, 2017. ICICI Bank noted that it is already engaged in litigation, including a writ petition, on similar issues raised in previous orders and notices.

However, since the cumulative amount exceeds the materiality threshold for disclosure, the matter has been formally reported to stock exchanges, including BSE, NSE, and international exchanges such as NYSE, SIX Swiss Exchange, Singapore Stock Exchange, and Japan Securities Dealers Association.

The bank has stated that it will file a response to the SCN within the prescribed timelines.

The lender's shares ended the session with marginal gains at ₹1,348.9 apiece on September 30. The stock has gained 5% in the year so far.

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