ICICI Bank Faces Rs. 50,38 Crore Tax Demand from Maharashtra GST Department

On January 4, 2025, ICICI Bank Ltd received an order in original (OIO) from the Maharashtra Goods and Services Tax (GST) Department for a tax demand of Rs. 50,38,09,792/- and an equivalent amount of penalty and interest. The Bank filed an appeal against the OIO. On February 21, 2026, the Bank received an Order in Appeal (OIA) under Section 107 of the Central Goods and Services Tax Act, 2017 from the Maharashtra GST Department, maintaining the tax demand and penalty. The Bank plans to contest the OIA through a further appeal within prescribed timelines.