ICICI Bank has informed the exchanges that it has received an order in appeal from the Additional Commissioner of Revenue (Appeals), West Bengal, raising a demand of approximately ₹49.11 crore under the West Bengal Goods and Services Tax Act, 2017.
The order, received on September 15, 2025, includes tax of ₹23.53 crore, interest of ₹23.24 crore, and penalty of ₹2.35 crore. The matter pertains to GST demand on services provided by banks to customers maintaining specified minimum balances in their accounts.
ICICI Bank noted that it has previously received show cause notices and orders on the same issue from various tax authorities and has already filed writ petitions challenging the notices. Since the cumulative amount involved in the matter has crossed the materiality threshold, the bank has made the disclosure under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR).
The bank added that it will take appropriate steps, including contesting the order through a further appeal within the prescribed timelines. It also clarified that the delay in disclosure was due to the time taken to evaluate the contents of the order.
The disclosure has also been shared with the New York Stock Exchange, SIX Swiss Exchange, Singapore Stock Exchange, and Japan Securities Dealers Association.
Disclaimer: This article is based on official exchange filings by ICICI Bank. It is provided for informational purposes only and should not be construed as investment advice. Readers are advised to consult certified financial advisers before making any investment decisions.
