ICICI Bank Faces Rs 238 Crore GST Demand Notice

ICICI Bank is facing a Rs 238 crore demand notice from tax authorities for alleged GST short payment. Received on December 17, under Section 73 of the Maharashtra GST Act, the order includes significant tax, penalty, and interest. The bank plans to contest the order legally.

ICICI Bank announced on Thursday that it has received a demand notice amounting to Rs 238 crore from tax authorities, citing alleged short payment of GST.

The bank received the order on December 17 under Section 73 of the Maharashtra Goods and Services Tax (GST) Act, 2017. The notice demands Rs 237,90,04,448, which includes Rs 216,27,31,316 for tax, Rs 21,62,73,132 as penalty, plus interest as applicable.

While ICICI Bank is already involved in litigation over similar issues in the past, it has decided to report this matter due to its significant financial impact. The bank intends to challenge the order via writ petition or appeal within the stipulated timelines.

(With inputs from agencies.)