ICICI Bank receives Rs 229 crore GST demand over minimum balance services

ICICI Bank has received a show cause notice from the GST authorities seeking Rs 229.14 crore in goods and services tax (GST) over services provided to customers maintaining specified minimum balances in their bank accounts, the lender said in an exchange filing.

The notice was issued by the Additional Commissioner, CGST and Central Excise, Division-IV, Mumbai East Commissionerate, on September 30, the bank said.

The GST demand of Rs 229,14,35,396 is in addition to applicable interest and penalty.


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

The aggregate or cumulative amount involved in the latest matter crosses the materiality threshold and is therefore being reported, it added.

ICICI Bank will file its reply to the show cause notice within the prescribed timelines.