ICICI Bank Receives Above ₹384 Crore Major Tax Demand & Penalty Notice

Mumbai: ICICI Bank Limited has received a GST demand order for 384,33,53,972 rupees from the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate. The order, received on March 18, 2026, includes an equivalent penalty and interest regarding services for customers maintaining specified minimum balances. The Bank intends to contest this order through a writ petition.

According to the disclosure, the Bank received an Order under Section 74 of the Maharashtra Goods and Services Tax Act, 2017. The order raises a Goods and Services Tax demand amounting to 384,33,53,972 rupees. In addition to the primary tax demand, the order also levies an equivalent amount of penalty along with applicable interest.The specific issue cited in the demand relates to services provided by ICICI Bank to customers who maintain specified minimum balances in their accounts.

The Bank noted that it is already engaged in litigation, which includes a writ petition, regarding a similar issue that has been raised in past orders or Show Cause Notices. However, the Bank determined that this specific matter required reporting because the aggregate and cumulative amount involved has crossed the materiality threshold.In response to the order, ICICI Bank stated that it will take the appropriate legal steps to address the situation. This includes plans to contest the Order through a writ petition within the prescribed timelines.

The disclosure was submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.The formal communication was signed by Vivek Ranjan from the Associate Leadership Team on behalf of ICICI Bank Limited. The Bank's registered office is located at ICICI Bank Tower near Chakli Circle in Vadodara, Gujarat, while its corporate office is situated at Bandra-Kurla Complex in Mumbai.

Disclaimer: This article is based exactly on the information provided in the uploaded ICICI Bank PDF document dated March 19, 2026.