ICICI Bank Share Price in Focus After Receiving GST Demand of ₹237 Crore

ICICI Bank Limited has been issued a significant GST demand by the Maharashtra Goods and Services Tax authority. This development follows a previous Show Cause Notice and involves a substantial financial implication for the bank. 

Details of the GST Demand 

On December 17, 2025, ICICI Bank received an order from the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate.  

The order raised a GST demand amounting to ₹237,90,04,448, which includes a tax component of ₹216,27,31,316 and a penalty of ₹21,62,73,132. This demand pertains to services provided by the bank to customers maintaining specified minimum balances in their accounts. 

Background and Previous Notices 

This order is a continuation of a previous Show Cause Notice issued to ICICI Bank on September 30, 2025. The bank has been involved in litigation on similar issues in the past, indicating an ongoing dispute over the tax treatment of certain banking services. 

ICICI Bank's Response 

ICICI Bank has stated its intention to contest the order. The bank plans to take appropriate legal steps, including filing a writ petition or appeal within the prescribed timelines.  

The cumulative amount involved in the current and past notices has crossed the materiality threshold, prompting the bank to disclose this information. 

Read More: ICICI Prudential AMC IPO Draws ₹3 Lakh Crore in Bids, Becomes India’s Fourth Most-Subscribed Issue! 

ICICI Bank Share Price Performance 

As of December 18, 2025, at 1:15 PM, ICICI Bank share price on NSE was trading at ₹1,361.50 up by 0.67% from the previous closing price. 

Conclusion 

ICICI Bank's receipt of a ₹237 crore GST demand underscores the ongoing complexities in the taxation of banking services. The bank's response and subsequent legal actions will be closely watched by industry stakeholders. 

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