ICICI Bank has received an order in appeal for a GST demand totaling ₹49.11 crore. The demand arises from services provided to customers maintaining specific minimum balances. The order includes ₹23.52 crore in tax, ₹23.23 crore in interest, and ₹2.35 crore in penalty. The bank is evaluating options, including contesting the order.
GST Demand Order
ICICI Bank has received an order in appeal relating to Goods and Services Tax (GST). The order, received on September 15, 2025, raises a demand of ₹49,11,92,021/-.
Breakdown of Demand
The total demand of ₹49.11 crore includes:
- Tax: ₹23,52,97,705/-
- Interest: ₹23,23,64,546/-
- Penalty: ₹2,35,29,770/-
Issue Background
The demand relates to GST on services provided to customers who maintain specific minimum balances in their accounts. The bank has previously received show cause notices and orders regarding this issue from various tax authorities and has filed writ petitions against those notices.
Next Steps
ICICI Bank will take steps to contest the order, including filing a further appeal. The bank is assessing the contents of the order.
Source: BSE
