ICICI Bank served GST demand notice of ₹216 crore by tax authorities

New Delhi, Sep 30, 2025

ICICI Bank on Tuesday said tax authorities have slapped a demand notice of Rs 216.27 crore on it for alleged short payment of GST.

In a regulatory filing, ICICI Bank said, on September 29, 2025, it received a Show Cause Notice (SCN) under section 73 of the Maharashtra Goods and Services Tax Act, 2017 from Additional Commissioner of CGST, Mumbai East Commissionerate raising GST demand amounting to Rs 216.27 crore on services provided by the bank to customers maintaining specified minimum balances in their accounts.

While the bank is in litigation (including writ petition) on a similar issue raised in orders/SCNs in the past, since the aggregate/cumulative amount involved in the above crosses the materiality threshold, this matter is being reported, it said.

The bank will file a reply to the said SCN within the prescribed timelines, it added.

[Press Trust of India]