Archive · 1 Oct 2026
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.
ICICI Bank received a GST show cause notice involving a demand of ₹229.14 crore.
The notice concerns services provided to customers maintaining specified minimum account balances.
The notice was issued under Section 73 of the Maharashtra Goods and Services Tax Act, 2017.
Interest and penalties may also apply, but the demand has not been confirmed as a final tax liability.
ICICI Bank said it will respond within the prescribed timeline and is already litigating a similar issue.
- Who
- ICICI Bank and the Additional Commissioner, CGST and Central Excise, Division-IV, Mumbai East Commissionerate.
- What
- ICICI Bank received a GST show cause notice seeking ₹229,14,35,396, plus applicable interest and penalties.
- When
- The bank received the notice on September 30, 2026, and disclosed it to stock exchanges on October 1, 2026.
- Where
- The notice came from the Mumbai East Commissionerate in Maharashtra.
- Why
- The demand concerns services provided to customers maintaining specified minimum balances in their bank accounts.
- 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
