ICICI Bank announced the receipt of an Order in Appeal (OIA) from the Maharashtra GST Department on February 21, 2026. The order confirms a tax demand of ₹50,38,09,792/-, plus an equivalent amount for penalty and interest, mirroring the original demand disclosed in January 2025. The Bank plans to contest this OIA by filing a further appeal within the stipulated timeline, ensuring necessary legal steps are taken promptly.
Disclosure of Appellate Order Received
ICICI Bank has formally disclosed an update concerning a significant tax matter initiated by the Maharashtra Goods and Services Tax (GST) Department. This disclosure is made pursuant to regulatory requirements regarding material events.
Details of the Tax Demand
Following an earlier disclosure on January 4, 2025, regarding an original order (OIO) that demanded a tax amount of ₹50,38,09,792/-, along with an equivalent penalty and interest, the Bank has now received an Order in Appeal (OIA).
The OIA was received on February 21, 2026, at 3:21 p.m., under Section 107 of the Central Goods and Services Tax Act, 2017. This order from the Maharashtra GST Department raises the tax demand at the appellate stage to an identical figure: ₹50,38,09,792/-, plus the associated penalty and interest amounts.
Bank’s Course of Action
ICICI Bank confirms its intention to address this development seriously. The Bank will undertake appropriate steps, which include contesting the Order in Appeal (OIA) through a further appeal process within the regulatory timelines mandated for such actions.
Source: BSE
