Mumbai, December 31, 2025
ICICI Bank Limited has received a Goods and Services Tax demand order amounting to ₹16.03 crore from the Deputy Commissioner of Revenue, West Bengal, relating to services provided to customers maintaining specified minimum balances in their accounts.According to the disclosure, the order was received on December 30, 2025 at 06:01 p.m., raising a total demand of ₹16,03,30,178. The demand comprises tax of ₹8,67,57,468, interest of ₹6,48,96,963, and penalty of ₹86,75,747 for the same subject matter that had earlier been flagged through a show cause notice.
Background of the Matter
The bank had earlier informed stock exchanges on September 23, 2025 about the receipt of a show cause notice from the West Bengal revenue authority on the GST treatment of services linked to minimum balance requirements in certain customer accounts. The latest order follows that notice and aggregates the amounts involved beyond the materiality threshold, prompting a fresh disclosure.ICICI Bank stated that similar issues raised in past orders and notices are already under litigation, including writ petitions. The lender clarified that it will take appropriate steps and contest the current order by filing an appeal within the prescribed timelines.
Company Position
The bank has maintained that it is pursuing legal remedies available to it and will challenge the demand through the appellate process. No additional financial impact or provisioning details were disclosed alongside the announcement.About the Company
ICICI Bank Limited is one of India’s leading private sector banks with operations across retail banking, corporate banking, and treasury services. The bank is listed on the BSE and NSE in India and has overseas listings on the New York Stock Exchange, SIX Swiss Exchange, Singapore Stock Exchange, and the Japan Securities Dealers Association.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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