ICICI Bank Limited has received a demand order from the Maharashtra Goods and Services Tax (GST) Department, amounting to ₹50,38,09,792, along with an equivalent penalty and applicable interest. The order, issued under Section 74 of the Central Goods and Services Tax Act, 2017, was communicated to the bank on January 3, 2025.
Key Details of the GST Demand:
- Authority: Maharashtra GST Department.
- Nature of Order: Levy of tax under Section 7(4) of the IGST Act, 2017.
- Total Amount:
- GST Demand: ₹50.38 crore.
- Penalty: ₹50.38 crore.
- Interest: Amount yet to be quantified.
ICICI Bank has stated its intention to contest the order through an appeal within the prescribed timelines. The bank assured stakeholders that it would take appropriate steps to address the matter.
The disclosure, made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, was communicated to major stock exchanges, including the BSE, NSE, and international exchanges such as NYSE, SIX Swiss Exchange, and the Singapore Stock Exchange.
