ICICI Bank Faces ₹384 Crore GST Demand from Maharashtra Authorities

Mumbai, 19 March 2026: ICICI Bank Limited has received a Goods and Services Tax (GST) demand totaling ₹384.33 crore, along with equivalent penalty and interest, from the Additional Commissioner of CGST & CEx., Mumbai East Commissionerate. The demand relates to services provided by the Bank to customers maintaining specified minimum balances in their accounts.

The order was received on 18 March 2026 at 03:42 PM, under Section 74 of the Maharashtra Goods and Services Tax Act, 2017.

Bank’s Position

ICICI Bank has clarified that it is already engaged in litigation regarding similar issues raised in previous orders and Show Cause Notices (SCNs). As the aggregate amount crosses the materiality threshold, the Bank has reported the matter to the BSE and NSE in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Bank has stated it will take appropriate legal action, including filing a writ petition, within the prescribed timelines to contest the GST order.

Market Impact and Regulatory Compliance

The disclosure has also been communicated to international stock exchanges, including:

• New York Stock Exchange (NYSE)

• SIX Swiss Exchange Ltd.

• Singapore Stock Exchange

• Japan Securities Dealers Association

The Bank assures stakeholders that it is fully committed to resolving the matter through legal channels while maintaining transparency and compliance with regulatory requirements.

About ICICI Bank

ICICI Bank Limited is one of India’s largest private sector banks, providing a wide range of banking and financial services including retail banking, corporate banking, and treasury operations. The Bank has consistently maintained high compliance standards and regularly updates regulators and investors regarding material legal or financial developments.