ICICI Bank hit with ₹238cr GST notice—Here's what's up
ICICI Bank just got a massive tax demand—₹237.9 crore—from the GST department.
The issue? Alleged underpayment of GST on services for customers who keep certain minimum balances.
The notice landed on December 17, 2024, and it's big enough that the bank had to tell everyone officially.
What's in the bill?
The demand breaks down to ₹216.27 crore in taxes and another ₹21.62 crore as penalty, plus interest on top.
ICICI Bank shared these numbers in a regulatory filing because they cross SEBI's threshold for important disclosures.
How is ICICI Bank reacting?
ICICI isn't just taking this quietly—they're already fighting similar cases and say they'll challenge this order too, either by writ petition or appeal.
For anyone following how banks are regulated (or if you're an investor), it's another sign that financial services are under close watch when it comes to taxes right now.