ICICI Bank receives Show Cause Notice for GST demand in West Bengal
The amount is material and the bank is already in litigation on similar issues. It might have a moderate impact on the bank's financials and reputation.
The announcement discusses a show cause notice regarding GST demand, which implies potential financial liability for the bank.
* ICICI Bank received a Show Cause Notice (SCN) on September 22, 2025, under section 73 of the West Bengal Goods and Services Tax Act, 2017, from the Deputy Commissioner of Revenue, West Bengal. * The SCN pertains to a GST demand of ₹ 15,60,94,512 (Tax ₹ 8,67,57,468, interest ₹ 6,06,61,297, and penalty ₹ 86,75,747) on services provided by banks to customers maintaining specified minimum balances. * The bank is already in litigation regarding similar issues raised in past orders/SCNs. * The bank will file a reply to the SCN 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 regulatory filings. 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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See the model portfoliosA plain-language summary of a public exchange filing by ICICI Bank Limited. Read the original for the full detail.