ICICI Bank Gets ₹238 Crore GST Demand Notice From Maharashtra Tax Authority
ICICI Bank said Maharashtra tax authorities have issued a GST demand of about Rs 238 crore for alleged short payment under the GST Act, including tax, penalty and interest. The bank said it is already contesting similar issues and will challenge the order through appropriate legal remedies within prescribed timelines.
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New Delhi: ICICI Bank on Thursday said tax authorities have slapped a demand notice of Rs 238 crore on it for alleged short payment of GST. On December 17, the bank has received an order under Section 73 of the Maharashtra Goods and Services Tax (GST) Act, 2017, from the relevant authority, raising a GST demand of Rs 237,90,04,448, comprising Rs 216,27,31,316 in tax and Rs 21,62,73,132 as penalty, along with interest as applicable for the same subject matter, ICICI Bank said in a regulatory.
"While the bank is in litigation (including writ petition) on similar issues raised in orders/SCNs in the past, since the aggregate/cumulative amount involved in the above crosses the materiality threshold, this matter is being reported," it said. The bank will take appropriate steps, including contesting the order through a writ petition/appeal within prescribed timelines, it said.
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