ICICI Bank announced on March 19, 2026, that it received an Order from the CGST authorities in Mumbai East regarding a Goods and Services Tax (GST) demand of ₹ 384,33,53,972/-. This assessment relates to historical service fees charged to customers for maintaining minimum account balances. Although the bank is currently litigating similar matters, the size of this specific order necessitates public disclosure. The Bank plans to contest this Order.
Major Tax Order Received by ICICI Bank
On the evening of March 18, 2026, ICICI Bank Limited received an official Order issued under the Maharashtra Goods and Services Tax Act, 2017. The order originated from the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate.
Details of the Demand
The assessment raises a substantial Goods and Services Tax (GST) demand totaling ₹ 384,33,53,972/-. This figure also includes an equivalent amount levied as penalty and applicable interest. The tax liability pertains to services rendered by the Bank to its customers who maintained specified minimum balances in their accounts over the period under review.
Materiality and Legal Stance
The Bank noted that while it is presently involved in ongoing litigation concerning similar issues raised in past Show Cause Notices (SCNs), the aggregate amount involved in this new Order crosses the established materiality threshold, compelling this immediate disclosure.
ICICI Bank affirmed its commitment to robust legal defense, stating it will take appropriate steps, which includes contesting the Order through a writ petition within the prescribed regulatory timelines.
Regulatory Reporting
This information was formally disclosed on March 19, 2026, and has been shared with relevant domestic and international stock exchanges, including the NYSE, SIX Swiss Exchange Ltd., the Singapore Stock Exchange, and the Japan Securities Dealers Association.
Source: BSE
