ICICI Bank Faces Hefty GST Demand

ICICI Bank has been issued a demand notice for Rs 216.27 crore by tax authorities over an alleged GST shortfall. The notice relates to services for customers maintaining specific minimum balances. The bank, previously engaged in litigation over similar issues, plans to respond within the required timeframe.

ICICI Bank has received a substantial demand notice from tax authorities, citing an alleged short payment of GST amounting to Rs 216.27 crore. The notice claims discrepancies in GST payments related to services provided to customers who maintain a specified minimum balance in their accounts.

According to a regulatory filing, the notice was delivered on September 29, 2025, under the Maharashtra Goods and Services Tax Act, 2017. The bank is no stranger to such issues, as it has been involved in litigation over similar matters in the past.

Given the significant financial impact of the current demand, which surpasses materiality thresholds, ICICI Bank has decided to report the issue and plans to file a detailed response to the authorities within the prescribed timelines.

(With inputs from agencies.)