ICICI Bank Faces Rs 237.90 Crore GST Demand from Mumbai Authorities, ETCFO
India’s second largest private banker ICICI bank on Thursday said that it has received an order from Additional Commissioner of CGST (Central Goods and Services Tax) and CEx., Mumbai East Commisionerate, on December 17, 2025.
The GST demand notice is related to services provided to customers maintaining specified minimum balances, the amount for which stands at Rs 237.90 Crore including a tax of Rs 216.27 Crore and a penalty of Rs 21.62 crore.
The bank said that the amount exceeds the materiality threshold and that it has formally reported the order in its regulatory disclosures.
The lender added that it is already contesting similar notices and orders through litigation, and will take appropriate steps including filing a writ petition or appeal within prescribed timelines in this matter.>
