ICICI Bank faces ₹237.9 crore GST demand, plans to contest order

ICICI Bank announced on December 18, 2025, that it received an order under Section 73 of the Maharashtra Goods and Services Tax Act, 2017. The order, from the additional commissioner of CGST and CEx., Mumbai East Commissionerate, was received on December 17, 2025.

The order raises a GST demand amounting to ₹237,90,04,448, including a tax of ₹216,27,31,316 and a penalty of ₹21,62,73,132, along with applicable interest. The demand pertains to services provided by the bank to customers maintaining specified minimum balances in their accounts.

ICICI Bank had previously disclosed the receipt of a show cause notice regarding this matter on September 30, 2025. This issue crosses the materiality threshold, prompting the bank to report it to the exchanges.

ICICI Bank stated its intention to take appropriate steps, including contesting the order through a writ petition or appeal within the prescribed timelines. The bank also noted its involvement in ongoing litigation, including a writ petition, concerning similar issues raised in past orders and show cause notices.