Mumbai: ICICI Bank has received an Order in Appeal (OIA) from the Maharashtra Goods and Services Tax (GST) Department, raising a tax demand of ₹50.38 crore. The demand also includes an equal amount of penalty and applicable interest.
The latest order follows an earlier Order in Original (OIO) issued on January 4, 2025, for the same amount. After receiving the original order, the bank had filed an appeal. The new OIA has now been issued under Section 107 of the Central Goods and Services Tax Act, 2017.
Bank to Challenge the Order
ICICI Bank has said it will take appropriate legal steps to contest the appeal order. The lender plans to file a further appeal within the prescribed timelines.
The bank disclosed the development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These rules require listed companies to inform stock exchanges about important developments that may affect investors.
Financial Implications
The total demand includes the principal tax amount of ₹50.38 crore along with an equivalent penalty and interest, effectively doubling the potential outflow if upheld.
However, the bank has not indicated any immediate impact on its day-to-day operations or profitability. Market participants will closely track the case, as tax disputes involving large financial institutions can have financial and reputational implications.
Share Price Movement
On Friday, ICICI Bank shares closed at ₹1,394 on the NSE, up 0.37 per cent for the day. The stock has gained more than 4 per cent so far this year, reflecting steady investor confidence despite the tax development.
The outcome of the appeal process will be important in determining the final liability and any possible financial effect on the bank.
