ICICI Bank Gets GST Show Cause Notice of ₹216 Crore from Mumbai Tax Authority

ICICI Bank Ltd has informed that it received a Show Cause Notice (SCN) from the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate. As per the exchange filings, the notice was issued on September 29, 2025, and raises a Goods and Services Tax (GST) demand of ₹216.27 crore (₹216,27,31,316).

Services Under Question

The demand relates to services offered by the bank to customers who maintain specified minimum balances in their accounts. Along with the tax amount, the notice also includes interest and penalties under Section 73 of the Maharashtra GST Act, 2017.

Similar Matters in Litigation

The bank pointed out that it is already involved in litigation on similar issues raised in the past. These include earlier orders and show cause notices that are currently being contested, including through a writ petition filed by the bank.

Disclosure to Stock Exchanges

As the cumulative demand amount has crossed the materiality threshold for disclosure, ICICI Bank has reported the development to multiple exchanges. The disclosure has been filed with BSE, NSE, and also with international platforms such as the New York Stock Exchange (NYSE), SIX Swiss Exchange, Singapore Stock Exchange, and the Japan Securities Dealers Association, as per the reports.

According to the disclosure, ICICI Bank will file its response to the SCN within the stipulated timelines. The process will proceed as per legal requirements while the matter is under review.

ICICI Bank Share Price Performance

As of October 1, 2025, 10:41 a.m., ICICI Bank share price was trading at ₹1,370, a 1.63% increase from the previous close.

Read More: RBI Holds Benchmark Interest Rate Unchanged at 5.5% for Second Consecutive Meeting!

Conclusion

The notice adds to the series of tax-related disputes that the bank has faced in recent years. ICICI Bank has confirmed that it will respond within the given deadlines as the case progresses further.

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