ICICI Bank Faces GST Demand of INR 384,33,53,972 for Services Provided to Customers

ICICI Bank Limited has received an Order under Section 74 of the Maharashtra Goods and Services Tax Act, 2017 from the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate. The Order raises a Goods and Services Tax (GST) demand of INR 384,33,53,972 and an equivalent amount of penalty and interest as applicable on services provided by the Bank to customers maintaining specified minimum balances in their accounts. The Bank is in litigation on a similar issue raised in orders/Show Cause Notices in the past. Despite this, the Bank will take appropriate steps, including contesting the Order through a writ petition within prescribed timelines.