ICICI Bank gets ₹50.38 crore GST demand; to challenge order

ICICI Bank Ltd  has received an Order in Appeal (OIA) from the Maharashtra Goods and Services Tax (GST) Department raising a tax demand of ₹50,38,09,792, along with an equivalent amount of penalty and interest as applicable.

The development follows an earlier disclosure by the bank on January 4, 2025, when it had received an Order in Original (OIO) from the Maharashtra GST Department for the same amount. Pursuant to the OIO, the bank had filed an appeal, which led to the OIA under Section 107 of the Central Goods and Services Tax Act, 2017.

ICICI Bank has stated that it will take appropriate steps, including contesting the OIA through a further appeal within the prescribed timelines. The bank’s disclosure is in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates listed companies to inform stock exchanges about material developments.

The tax demand involves both the principal amount and an equivalent penalty and interest, maintaining the total liability at ₹50.38 crore. ICICI Bank’s decision to pursue further legal recourse indicates its intent to challenge the GST Department’s assessment.

Investors and market participants will monitor the situation closely, as such tax proceedings can have financial implications for the company, though the bank has not indicated any immediate impact on operations or profitability.

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ICICI Bank share price settled at ₹1,394, or 0.37%, on the NSE on Friday. The scrip has gained over 4% so far this year.