LegalSep 28, 2026, 06:10 AM
ICICI Bank Faces ₹16.76 Crore GST Demand in West Bengal
AI Summary
ICICI Bank Limited has received a show cause notice (SCN) from the Joint Commissioner of Revenue, West Bengal, under the West Bengal Goods and Services Tax Act, 2017. The notice includes a Goods and Services Tax (GST) demand of approximately ₹ 16.76 crore, covering tax, interest, and penalty, related to services provided to customers with specified minimum balances. While the bank is involved in similar ongoing litigation, this matter is being reported due to the cumulative amount exceeding the materiality threshold. ICICI Bank intends to file a reply to the SCN within the stipulated time.
Key Highlights
- ICICI Bank received a show cause notice (SCN) under the West Bengal Goods and Services Tax Act, 2017.
- The SCN includes a Goods and Services Tax (GST) demand of ₹ 16,75,96,536.
- The demand comprises Tax ₹ 9,30,73,770, interest ₹ 6,52,15,388, and penalty ₹ 93,07,378.
- The demand is related to services provided by the Bank to customers maintaining specified minimum balances.
- The Bank is currently in litigation on a similar issue raised in past orders/SCNs.
- ICICI Bank will file a reply to the SCN within the prescribed timelines.
Price Impact
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