ICICI Bank receives ₹16.03 Crore GST demand order from West Bengal authorities
ICICI Bank Limited has received an order under Section 73 of the West Bengal Goods and Services Act, 2017, from the Deputy Commissioner of Revenue, West Bengal. This order raises a Goods and Services ...
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Why is ICICI Bank Limited in the news today?
ICICI Bank Limited (ICICIBANK) is in the news due to the bank has received a significant gst demand order, which includes tax, interest, and penalty, indicating a negative financial and regulatory development.
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ICICI Bank receives ₹16.03 Crore GST demand order from West Bengal authorities
December 31, 2025, 08:04 AM
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ICICI Bank Limited has received an order under Section 73 of the West Bengal Goods and Services Act, 2017, from the Deputy Commissioner of Revenue, West Bengal. This order raises a Goods and Services Tax (GST) demand amounting to ₹16,03,30,178/-, comprising tax of ₹8,67,57,468/-, interest of ₹6,48,96,963/-, and penalty of ₹86,75,747/-
This demand pertains to the issue of GST on services provided by the Bank to customers who maintain specified minimum balances in their accounts, which was previously disclosed on September 23, 2025, via a Show Cause Notice (SCN).
The Bank is currently engaged in litigation, including a writ petition, concerning similar issues raised in past orders and SCNs. Given that the cumulative amount involved in this new order crosses the materiality threshold, the Bank is reporting this matter.
ICICI Bank Limited stated that it will take appropriate steps, including contesting the Order through an appeal within the prescribed timelines.
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