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Mumbai
ICICI Bank, India’s largest private lender, has received a GST demand notice of about ₹769 crore from tax authorities for alleged short payment of goods and services tax. In a regulatory filing on Thursday, the bank said the notice was issued under Section 74 of the Maharashtra Goods and Services Tax Act, 2017, by the Additional Commissioner of Central GST and Central Excise, Mumbai East Commissionerate.
The demand covers unpaid GST of around ₹384 crore on services offered to customers who maintain certain minimum balances in their accounts. On top of this, an equal amount has been added as penalty and interest, pushing the total figure to roughly ₹769 crore. The bank clarified that the issue is related to how these account‑maintenance services are treated under GST rules.
ICICI Bank also pointed out that it is already in court over similar tax disputes in past cases and is challenging earlier show‑cause notices through writ petitions. The latest order, it said, crosses the bank’s internal “materiality threshold”, which is why it is now being disclosed to investors and the public.
The lender has stated that it will take “appropriate steps” to fight the notice, including filing a writ petition or appeal within the legal time limits.
