ICICI Bank faces ₹490m tax demand from West Bengal

ICICI Bank announced on September 17, 2025, that it received an order in appeal on September 15, 2025, from the additional commissioner of revenue (appeals), West Bengal. The order, issued under section 107 of the West Bengal Goods and Services Tax Act, 2017, raises a total demand of ₹49,11,92,021. This amount comprises ₹23,52,97,705 in tax, ₹23,23,64,546 in interest, and a penalty of ₹2,35,29,770.

The demand pertains to GST on services provided by banks to customers maintaining specified minimum balances. ICICI Bank noted that it has previously received show cause notices and orders on similar issues from various tax authorities and has filed writ petition(s) against these. The aggregate amount involved in the current demand exceeds the materiality threshold, necessitating this disclosure.

ICICI Bank confirmed it would take appropriate steps, including contesting the order through further appeal within the prescribed timelines. The bank indicated that the disclosure was delayed as it was evaluating the contents of the order. The announcement was made by Vivek Ranjan, associate leadership team.