ICICI Bank has received a Show Cause Notice (SCN) from the Deputy Commissioner of Revenue, West Bengal, regarding a GST demand. The SCN involves an amount of ₹15,60,94,512, which includes tax, interest, and penalties. The bank is currently addressing the matter and will respond within the stipulated timeframe. The issue relates to GST on services provided to customers who maintain minimum balances.
GST Demand Notice
ICICI Bank has been served with a Show Cause Notice (SCN) on September 22, 2025, concerning a GST demand. The notice originates from the Deputy Commissioner of Revenue, West Bengal, and pertains to the Goods and Services Tax Act, 2017.
Financial Implications
The SCN specifies a total amount of ₹15,60,94,512. This amount is composed of the following elements:
- Tax: ₹8,67,57,468
- Interest: ₹6,06,61,297
- Penalty: ₹86,75,747
The GST demand is related to services provided by the bank to customers who maintain specified minimum balances in their accounts.
Bank’s Response
ICICI Bank is currently in litigation on similar issues and is preparing a response to the SCN within the required timeframe. The bank is evaluating the contents of the notice to formulate its reply.
Source: BSE
