1 hr ago

ICICI Bank Faces ₹229 Crore GST Show Cause Notice

ICICI Bank received a notice from tax officials about a possible GST payment.

The amount mentioned is about ₹229 crore.

The issue concerns services for customers who keep a specified minimum balance in their accounts.

The notice was issued under Maharashtra’s GST law.

Tax officials have also mentioned possible interest and penalties.

This is not yet a final order saying the bank definitely owes the money.

ICICI Bank said it will send its response within the required time.

The bank is also involved in a legal case about a similar matter.

Key facts

GST demand: ₹229,14,35,396, or approximately ₹229.14 crore
Legal provision: Section 73 of the Maharashtra Goods and Services Tax Act, 2017
Issuing authority: Additional Commissioner, CGST and Central Excise, Division-IV, Mumbai East Commissionerate
Additional claims: Interest and penalty, as applicable, have also been sought
Bank’s response: ICICI Bank said it will file a reply within the prescribed timeline
Legal status: The notice is not a confirmed final tax liability
Share performance: ICICI Bank shares closed at ₹1,305.50 on the BSE, down 1.29% from the previous close

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