ICICI Bank slapped with ₹768.6cr GST demand
Business
ICICI Bank just received a hefty GST demand of ₹768.6 crore from Mumbai tax authorities, mainly over charges for minimum balance account services.
The notice, dated March 18, 2026, asks for both the unpaid tax and an equal amount as penalty and interest.
The bank disclosed receipt of the order in a regulatory filing stating it had received the order on March 18, 2026.
ICICI Bank has faced similar demands in the past
This isn't new territory for ICICI Bank: the source says the bank has faced similar demands in the past, but does not provide dates or amounts.
The bank is likely to challenge this demand as well
ICICI's usual move is to fight these demands through legal appeals and writ petitions, a playbook they've followed with past big-ticket cases.
Expect them to keep pushing back in court this time too.