ICICI Bank receives ₹384 Crore GST demand order, plans legal challenge
ICICI Bank received a GST demand order of ₹384.34 crore from CGST and CEx., Mumbai East Commissionerate. The demand pertains to services provided to customers with minimum account balances. The bank plans to contest the order through a writ petition, as it is a material disclosure.
The amount of the GST demand is substantial (₹384.34 crore), which could impact profitability, but the bank is contesting it, and the ultimate impact is yet to be determined. The bank has also indicated that similar issues are already under litigation.
The bank has received a significant GST demand order with penalties and interest, which is a negative financial development.
ICICI Bank Limited announced on March 19, 2026, that it received an Order on March 18, 2026, at 03:42 p.m. under Section 74 of the Maharashtra Goods and Services Tax Act, 2017. The Additional Commissioner of CGST and CEx., Mumbai East Commissionerate has raised a Goods and Services Tax (GST) demand of ₹384.34 crore (₹384,33,53,972/-).
This demand is for services provided by the Bank to customers who maintain specified minimum balances in their accounts. An equivalent amount of penalty and interest is also applicable. The Bank is currently in litigation regarding similar issues raised in past orders and Show Cause Notices (SCNs).
Given that the aggregate amount involved in this new order exceeds the materiality threshold, the Bank has decided to report this matter. ICICI Bank intends to contest the Order by filing a writ petition within the prescribed timelines.
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ICICI Bank Limited filed this with the NSE as a statutory disclosure, categorised under litigation updates. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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