ICICI Bank Receives ₹237.9 Crore GST Demand, Prepares Legal Challenge
Mumbai, 18th December 2025 – ICICI Bank Limited has received a significant GST demand of ₹237.9 crore from the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate. The demand, issued under Section 73 of the Maharashtra GST Act, 2017, includes ₹216.27 crore as tax and ₹21.62 crore as penalty, along with applicable interest.
This follows a previous disclosure by the bank on 30th September 2025, regarding a Show Cause Notice related to services provided to customers maintaining specified minimum balances.
While ICICI Bank has been involved in ongoing litigation on similar issues in the past, the current amount exceeds the materiality threshold set by SEBI, prompting the bank to report it to the stock exchanges.
The bank confirmed it will take necessary legal steps, including filing a writ petition or appeal, to contest the order within prescribed timelines. The disclosure has been shared with the BSE, NSE, as well as international stock exchanges including NYSE, SIX Swiss Exchange, Singapore Stock Exchange, and Japan Securities Dealers Association.
ICICI Bank continues to adhere to SEBI’s listing and disclosure requirements, keeping investors informed about material regulatory developments.