NEW DELHI: ICICI Bank on Wednesday said it has received a tax demand notice of Rs 49.11 crore for alleged short payment of GST.
In a regulatory filing, the bank stated that on September 15, 2025, it received an appeal order under Section 107 of the West Bengal Goods and Services Tax Act, 2017, from the Additional Commissioner of Revenue (Appeals), West Bengal. The order raised a total demand of Rs 49.11 crore, comprising Rs 23.52 crore in tax, Rs 23.23 crore in interest, and Rs 2.35 crore as penalty.
The order concerns GST on services provided by banks to customers maintaining specified minimum balances. ICICI Bank noted that it had previously received show-cause notices and orders from various tax authorities on the same issue.
While the bank has filed writ petitions against the earlier notices, the cumulative amount now exceeds the materiality threshold, prompting public disclosure. ICICI Bank said it will take appropriate action, including filing a further appeal within the prescribed timelines.
The bank added that it was still evaluating the order’s contents, which contributed to a delay in disclosure.
