ICICI Bank Gets ₹229.14 Crore GST Show Cause Notice, Bank To File Reply Within Prescribed Timeline

Mumbai: ICICI Bank has received a show cause notice involving a Goods and Services Tax demand of Rs 229.14 crore over services provided to certain customers, according to an exchange filing.

The private sector lender said the notice was received on September 30, 2026, at 5:57 pm. The matter was disclosed to the stock exchanges on October 1.

What Is The GST Demand?

The show cause notice has been issued under Section 73 of the Maharashtra Goods and Services Tax Act, 2017.

The notice was received from the Additional Commissioner, CGST and Central Excise, Division-IV, Mumbai East Commissionerate.

According to the filing, authorities have raised a GST demand of Rs 229,14,35,396, or about Rs 229.14 crore. Interest and penalty, as applicable, have also been sought.

The demand relates to services provided by ICICI Bank to customers who maintain specified minimum balances in their bank accounts.

Bank Already In Litigation

ICICI Bank said it is already involved in litigation, including a writ petition, over a similar issue raised through earlier orders and show cause notices.

The bank disclosed the latest development because the aggregate or cumulative amount involved has crossed its materiality threshold.

The filing does not state that the Rs 229.14 crore demand has been confirmed as a final tax liability. At this stage, it is a show cause notice seeking the bank’s response.

ICICI Bank To Respond

ICICI Bank said it will file its reply to the show cause notice within the prescribed timelines.

The disclosure was made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The bank also marked copies of the disclosure to the New York Stock Exchange, SIX Swiss Exchange, Singapore Stock Exchange and Japan Securities Dealers Association.

Disclaimer: This article is based on information disclosed by ICICI Bank in its exchange filing and is intended for informational purposes.