ICICI Bank receives ₹237.90 Crore GST demand order; to contest
ICICI Bank received a GST demand order of ₹237.90 Crore (₹216.27 Crore tax, ₹21.62 Crore penalty) from CGST, Mumbai East. This relates to services for customers with minimum balance accounts. The bank, which is already in litigation over similar issues, plans to contest the order via writ petition or appeal.
The amount of the GST demand is substantial and could impact profitability if not successfully contested, but the bank's ongoing litigation on similar matters suggests a degree of preparedness. The impact is considered medium as the outcome of the appeal is uncertain.
The bank has received a significant GST demand order, which is a negative financial development.
ICICI Bank Limited has received an Order under Section 73 of the Maharashtra Goods and Services Tax (GST) Act, 2017, from the Additional Commissioner of CGST and CEx., Mumbai East Commisionerate. The order raises a GST demand amounting to ₹237,90,04,448/-, comprising ₹216,27,31,316/- in tax and ₹21,62,73,132/- in penalty, along with applicable interest. This demand pertains to services provided by the Bank to customers maintaining specified minimum balances in their accounts, a matter for which the Bank had previously received a Show Cause Notice on September 30, 2025.
The Bank is currently involved in litigation, including writ petitions, concerning similar issues raised in past orders and notices. Due to the aggregate/cumulative amount involved exceeding the materiality threshold, this development is being reported.
ICICI Bank Limited intends to take appropriate steps to contest the Order. This will include filing a writ petition/appeal within the prescribed timelines.
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