According to reports from The Economic Times and Rediff Money, ICICI Bank received a significant Goods and Services Tax demand notice of ₹768.6 crore on March 18, 2026. The demand was issued under Section 74 of the Maharashtra Goods and Services Tax Act, 2017, from the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate. The notice specifically relates to alleged short payment of GST on services provided by the bank to customers maintaining specified minimum balances in their accounts.
As reported by The Economic Times and Rediff Money, the demand notice includes ₹384.33 crore as the principal GST amount plus an equivalent amount of penalty and interest as applicable. The bank has disclosed this matter in its regulatory filing since the aggregate amount crosses the materiality threshold. The notice specifically covers services provided to customers with specified minimum balance requirements, which is the subject of ongoing litigation for the bank.
According to the bank's regulatory filing reported by The Economic Times and Rediff Money, ICICI Bank will take appropriate steps, including contesting the order through a writ petition/appeal within prescribed timelines. The bank noted that it is already in litigation on similar issues, including a writ petition, on orders and Show Cause Notices issued in the past. This current demand notice represents an escalation of these ongoing legal disputes regarding GST compliance for banking services.
As reported by The Economic Times and Rediff Money, the bank emphasized that while it is in litigation on similar issues raised in past orders and Show Cause Notices, this matter is being reported since the cumulative amount involved crosses the materiality threshold. The bank's proactive disclosure reflects its commitment to transparency regarding significant regulatory matters that could impact its financial position.
