ICICI Bank shares in focus after receiving Rs 216 crore GST notice

Shares of ICICI Bank are expected to be in focus on Wednesday after the lender disclosed that it has received a Rs 216.27 crore Show Cause Notice (SCN) from the Mumbai East Commissionerate of the Central Goods and Services Tax (CGST) department.

As per the exchange filing, the SCN was issued on September 29 by the Additional Commissioner of CGST and CEx.

The notice demands GST amounting to Rs 216,27,31,316, including tax, interest, and penalty (where applicable), in relation to services provided by the bank to customers for maintaining specified minimum balances in their accounts.


“On September 29, 2025 at 05:15 p.m., ICICI Bank Limited (the Bank) has received a Show Cause Notice (SCN) under section 73 of Maharashtra Goods and Services Tax Act, 2017 from Additional Commissioner of CGST and CEx., Mumbai East Commissionerate raising GST demand amounting to Rs 216,27,31,316/- (Tax Rs 216,27,31,316/- along with interest and penalty as applicable) on services provided by the Bank to customers maintaining specified minimum balances in their accounts,” the bank said in an exchange filing.

The bank stated that although it is currently engaged in litigation (including writ petitions) on similar issues raised in previous orders and SCNs, this particular matter is being disclosed as the aggregate or cumulative amount involved exceeds the materiality threshold.

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Further details on the proceedings or potential financial implications have not been disclosed.

On Tuesday, shares of ICICI Bank closed flat at Rs 1,348.05 on the BSE.

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