On March 18, 2026, ICICI Bank has received an order under Section 74 of the Maharashtra Goods and Services Tax Act, 2017, from the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate, raising a Goods and Services Tax (GST) demand of ₹384.3 crore and an equivalent amount of penalty and interest as applicable on services provided by the bank to customers maintaining specified minimum balances in their accounts, the bank said in a regulatory filing.
“While the bank is in litigation (including a writ petition) on a similar issue raised in orders/Show Cause Notices (SCNs) in the past, since the aggregate/cumulative amount involved in the above crosses the materiality threshold, this matter is being reported,” it added.
Also Read: Maruti Suzuki faces ₹5,786 crore draft tax order; to challenge before panel
The bank will take appropriate steps, including contesting the order through a writ petition/appeal within prescribed timelines, it added.
(Edited by : Sheersh Kapoor)
