New Delhi: ICICI Bank Ltd has received a GST demand order of ₹237.9 crore, including tax and penalty, from the Additional Commissioner of CGST and Central Excise, Mumbai East, in connection with services provided to customers maintaining specified minimum balances, the bank said in a regulatory filing on Wednesday.
The order, issued under Section 73 of the Maharashtra Goods and Services Tax Act, 2017, was received on December 17, 2025. Of the total demand, ₹216.27 crore relates to tax and ₹21.62 crore to penalty, with interest applicable as per law.
The development follows an earlier disclosure made by the bank on September 30, 2025, when it had informed exchanges about receiving a show-cause notice on the same issue. ICICI Bank said it is already in litigation, including writ petitions, over similar demands raised in the past.
Given that the cumulative amount involved has crossed the materiality threshold under SEBI’s disclosure norms, the bank said it is reporting the matter to stock exchanges. ICICI Bank added that it will take appropriate legal steps, including filing a writ petition or appeal within the prescribed timelines, to contest the order.
The bank has not indicated any immediate financial impact, but such tax disputes add to regulatory and compliance overhangs for large lenders amid heightened scrutiny of fee-based services under the GST frame work.