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Indian tax authorities issue ₹22.9B GST demand against ICICI Bank over customer balance services
IBNIcici Bank Ltd
ICICI Bank Limited received a show cause notice under Section 73 of the Maharashtra Goods and Services Tax Act, 2017, from the Additional Commissioner, CGST and C. Ex, Division-IV, Mumbai East Commissionerate. The notice raises a GST demand amounting to ₹ 229,14,35,396/- along with applicable interest and penalty regarding services provided to customers maintaining specified minimum balances. Although the Bank has faced similar litigation in the past, this specific aggregate amount crosses the materiality threshold for disclosure. The Bank intends to file a reply within prescribed timelines. ICICI Bank Limited operates as a leading private sector bank in India providing comprehensive financial services.