Tax & Penalty1 Oct 2026, 05:10 pm
ICICI Bank Receives ₹229 Cr GST Demand Notice
AI Summary
ICICI Bank Limited has received a show cause notice (SCN) from the Additional Commissioner, CGST and C. Ex, Mumbai East Commissionerate, demanding ₹229,14,35,396/- (₹229.14 Crore) along with applicable interest and penalty. The demand pertains to services provided by the bank to customers maintaining specified minimum balances. The bank is already engaged in litigation on similar past issues. Due to the materiality threshold being crossed by the cumulative amount, this notice is being reported. ICICI Bank plans to file a reply within the prescribed timelines.
Key Highlights
- ICICI Bank received a GST demand notice of ₹229.14 Crore.
- The demand is related to services for customers with minimum account balances.
- The bank is contesting similar past demands through litigation.
- The cumulative amount exceeds the materiality threshold for reporting.
Price Impact
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