ICICI Bank Receives GST Demand of ₹49.12 Cr from West Bengal Authorities

ICICI Bank Limited has received an Order in Appeal under Section 107 of the West Bengal Goods and Services Tax Act, 2017 from the Additional Commissioner of Revenue (Appeals), West Bengal, dated September 15, 2025. The order raises a demand totaling ₹49,11,92,021, comprising tax of ₹23,52,97,705, interest of ₹23,23,64,546, and penalty of ₹2,35,29,770.

Background of the GST Issue

The demand relates to GST on services provided by the Bank to customers maintaining specified minimum balances in their accounts. The Bank has previously received show cause notices and orders from various tax authorities on similar issues. ICICI Bank has filed writ petitions challenging earlier notices, demonstrating its proactive legal approach to resolve disputes with tax authorities.

Bank’s Response and Next Steps

Given the materiality of the amount involved, the bank has reported the matter in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. ICICI Bank is evaluating the contents of the Order and intends to contest it through further appeals within prescribed timelines. The Bank has reassured stakeholders that appropriate steps will be taken to safeguard its interests.

Regulatory and Compliance Considerations

The disclosure also addresses the delay in reporting, which occurred as the Bank was assessing the implications of the Order. ICICI Bank has ensured that all steps to comply with regulatory requirements will be followed, including reporting to stock exchanges such as BSE, NSE, NYSE, SIX Swiss Exchange, Singapore Stock Exchange, and Japan Securities Dealers Association.

Implications for the Bank

The outcome of this matter may impact the bank’s contingent liabilities and requires continuous monitoring of regulatory developments. By pursuing legal remedies, ICICI Bank aims to protect its financial and operational interests while maintaining compliance with statutory obligations.

Conclusion

ICICI Bank remains committed to transparent communication with regulators and shareholders. The Bank will continue to follow the legal process to resolve the GST demand and ensure that its operations comply with applicable tax laws, safeguarding stakeholder confidence in its governance and risk management framework.

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