ICICI Bank has received a Show Cause Notice (SCN) related to Goods and Services Tax (GST). The notice, issued by the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate, concerns a GST demand amounting to ₹ 216,27,31,316. The demand includes interest and applicable penalties on services provided to customers maintaining specified minimum balances. The bank is currently in litigation regarding similar issues.
GST Demand Notice Received
ICICI Bank Limited has received a Show Cause Notice (SCN) on September 29, 2025 at 05:15 p.m. The notice pertains to Goods and Services Tax (GST) and was issued under section 73 of the Maharashtra Goods and Services Tax Act, 2017.
Details of the Demand
The SCN was issued by the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate. It raises a GST demand amounting to ₹ 216,27,31,316. This amount includes both the tax and applicable interest and penalties.
Reason for the Demand
The demand relates to services provided by the Bank to customers who maintain specified minimum balances in their accounts.
Bank’s Response
ICICI Bank has stated that it is already in litigation regarding similar issues. Despite this, the matter is being reported due to the aggregate/cumulative amount involved crossing the materiality threshold. The Bank will file a reply to the SCN within the prescribed timelines.
Source: BSE
