ICICI Bank has been issued a significant Goods and Services Tax (GST) demand by the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate. The order, received on 18 March 2026, under Section 74 of the Maharashtra Goods and Services Tax Act, 2017, demands a payment of ₹384,33,53,972 along with an equivalent amount in penalties and interest. This demand pertains to services provided by the bank to customers who maintain specified minimum balances in their accounts.
The bank is currently involved in litigation, including a writ petition, concerning similar issues raised in past orders and Show Cause Notices. Given that the cumulative amount involved surpasses the materiality threshold, ICICI Bank has disclosed this matter.
ICICI Bank plans to contest the order by filing a writ petition within the prescribed timelines to address the GST demand.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).