ICICI Bank Share Price in Focus; Receives ₹229.14 Crore GST Demand from Maharashtra Authorities

ICICI Bank has received a show cause notice (SCN) involving a GST demand of ₹229.14 crore from the Additional Commissioner, CGST and Central Excise, Division-IV, Mumbai East Commissionerate.  

The notice was issued under Section 73 of the Maharashtra Goods and Services Tax Act, 2017.  

Issue Behind the Demand 

The demand relates to services provided by ICICI Bank to customers who maintain specified minimum balances in their accounts.  

The amount mentioned in the notice is ₹229,14,35,396, with interest and penalty applicable in addition to the stated GST demand.  

Notice Received on September 30 

According to the bank’s disclosure dated October 1, 2026, ICICI Bank received the SCN on September 30, 2026. 

Similar Matter Already Under Litigation 

ICICI Bank said it is already in litigation, including a writ petition, over a similar issue raised through earlier orders and show cause notices.  

The bank stated that the cumulative amount involved in the latest matter crosses the applicable materiality threshold, which led to the disclosure to the stock exchanges.  

Bank To File Reply 

The matter is currently at the show cause notice stage. ICICI Bank has stated that it will submit its reply to the notice within the prescribed timelines.  

The company’s filing does not state that the demand has been finally settled or that the bank has accepted the liability.  

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ICICI Bank Share Price Performance  

As of October 1, 2026, 3:30 pm, ICICI Bank share price closed at ₹1,310.60, a 0.84% decrease from the previous closing price. 

Conclusion 

The ₹229.14 crore GST demand concerns services linked to specified minimum-balance accounts and includes applicable interest and penalty. ICICI Bank is set to respond to the notice within the prescribed timelines. 

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