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West Bengal tax authorities issue show cause notice for ₹16.76 crore GST demand against ICICI Bank
IBNIcici Bank Ltd
ICICI Bank Limited received a show cause notice under Section 73 of the West Bengal Goods and Services Tax Act, 2017, from the Joint Commissioner of Revenue in West Bengal. The notice includes a GST demand totaling ₹16,75,96,536, comprising tax of ₹9,30,73,770, interest of ₹6,52,15,388, and a penalty of ₹93,07,378. This liability arises from services provided to customers maintaining specified minimum balances in their accounts. Although the Bank is engaged in litigation regarding similar past issues, it reports this matter because the cumulative amount exceeds its materiality threshold. The Bank intends to file a reply within prescribed timelines.