ICICI Bank receives ₹229 Crore GST demand notice from CGST
ICICI Bank received a GST demand notice of ₹229.14 crore from CGST, Mumbai East Commissionerate. The notice relates to services provided for maintaining minimum account balances. The bank is already in litigation over similar issues and will respond within the stipulated timelines.
The amount of the tax demand is substantial and could impact profitability if not successfully contested. However, the bank is already in litigation for similar issues, suggesting a potentially manageable risk.
The company has received a significant tax demand notice, which is a negative development.
ICICI Bank Limited has announced the receipt of a show cause notice (SCN) under Section 73 of the Maharashtra Goods and Services Tax Act, 2017. The notice was issued by the Additional Commissioner, CGST and C. Ex, Division-IV, Mumbai East Commissionerate, on September 30, 2026, at 05:57 p.m.
The SCN raises a Goods and Services Tax (GST) demand amounting to ₹229,14,35,396/- (Rupees two hundred twenty-nine crore, fourteen lakh, thirty-five thousand, three hundred ninety-six only), along with applicable interest and penalty. This demand pertains to services provided by the Bank to customers who maintain specified minimum balances in their accounts.
The Bank stated that it is currently involved in litigation, including a writ petition, concerning a similar issue raised in past orders and SCNs. However, as the aggregate/cumulative amount involved in this new notice crosses the materiality threshold, the matter is being reported.
ICICI Bank Limited will file a reply to the show cause notice within the prescribed timelines. The announcement was made on October 1, 2026.
What to do with a filing like this
ICICI Bank Limited filed this with the NSE as a statutory disclosure, categorised under taxation. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by ICICI Bank Limited. Read the original for the full detail.