ICICI Bank receives ₹49.12 crore GST demand from West Bengal authority, plans appeal
The demand amount of ₹49.12 crore is substantial. While the bank plans to appeal, indicating the outcome is not final, the existence of such a demand and the associated legal process represent a medium-level impact due to potential financial implications and legal costs.
The company has received a significant tax demand of ₹49.12 crore, which represents an unfavorable development and potential financial liability, even with plans to appeal.
* On September 15, 2025, ICICI Bank received an Order in Appeal under section 107 of the West Bengal Goods and Services Tax Act, 2017. * The order, issued by the Additional Commissioner of Revenue (Appeals), West Bengal, raises a demand amounting to ₹ 49,11,92,021/-. * This demand comprises Tax of ₹ 23,52,97,705/-, interest of ₹ 23,23,64,546/-, and a penalty of ₹ 2,35,29,770/-. * The core issue relates to GST demand on services provided by banks to customers maintaining specified minimum balances in their accounts. * The Bank has previously received similar show cause notices and orders on this issue and has filed Writ petitions against them. * The cumulative amount involved in this matter crosses the materiality threshold for disclosure. * ICICI Bank intends to take appropriate steps, including contesting the Order through a further appeal within the prescribed timelines.
What to do with a filing like this
ICICI Bank Limited filed this with the NSE as a statutory disclosure, categorised under legal. 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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