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ICICI Bank Receives ₹229 Crore GST Notice: What's the Issue and Bank's Next Move?
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CNBC Awaaz•01-10-2026, 17:51
ICICI Bank Receives ₹229 Crore GST Notice: What's the Issue and Bank's Next Move?
- •ICICI Bank received a show cause notice from the GST department demanding ₹229.14 crore.
- •The notice relates to services provided to customers who maintain a fixed minimum balance in their bank accounts.
- •Issued on September 30 by the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate.
- •The bank may also face applicable interest and penalties in addition to the GST demand.
- •ICICI Bank is already involved in legal proceedings for similar issues and will respond to the notice.
Key Questions Answered
ICICI Bank received a show cause notice for a GST demand of ₹229.14 crore regarding services provided to customers maintaining a fixed minimum balance in their bank accounts.
The notice was issued by the Additional Commissioner of CGST and Central Excise, Division-IV, Mumbai East Commissionerate on September 30.
ICICI Bank stated it will respond to the show cause notice within the stipulated time frame and noted it is already involved in ongoing legal proceedings and writ petitions regarding similar historical issues.
