ICICI Bank has received a demand notice from the tax department for alleged short payment of Goods and Services Tax (GST) worth Rs 216.27 crore.
In its regulatory filing on Tuesday, ICICI bank said the Additional Commissioner of CGST, Mumbai East Commissionerate, issued a Show Cause Notice (SCN) dated September 29, 2025. The notice was served under section 73 of the Maharashtra Goods and Services Tax Act, 2017.
ICICI Bank’s next steps
According to the filing, the demand relates to services offered to customers who maintain specified minimum balances in their accounts. Authorities have claimed GST was short paid on such services.
ICICI Bank said the issue is already under litigation in the past, including through a writ petition. “Since the aggregate/cumulative amount involved in the above crosses the materiality threshold, this matter is being reported,” the lender informed the exchanges.
The bank added that it will file a reply to the notice within the prescribed timelines.
Share price of ICICI Bank
The share price of ICICI Bank has declined 4.40 per cent in the past one month. However, on a year-to-date basis, it has increased 5.08 per cent so far this year.