ICICI Bank Receives Goods and Services Tax Demand of ₹384.34 Crore
ICICI Bank Limited announced on March 19, 2026, that it received an order under Section 74 of the Maharashtra Goods and Services Tax Act, 2017. The order, issued by the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate, involves a Goods and Services Tax (GST) demand of ₹384,33,53,972, along with an equivalent amount of penalty and interest. This demand relates to services provided by the bank to customers maintaining specified minimum balances in their accounts.The bank is currently engaged in litigation, including a writ petition, concerning similar issues raised in prior orders and Show Cause Notices. The aggregate amount involved in the current order exceeds materiality thresholds, triggering the disclosure.
ICICI Bank intends to contest the order through a writ petition within the prescribed timelines and will take appropriate steps regarding the matter.
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