ICICI Bank Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Awaiting price reaction for this filing.
ICICI Bank has received an order from the Deputy Commissioner of Revenue, West Bengal under Section 73 of the West Bengal GST Act, 2017, raising a GST demand of ₹16.03 crore (tax: ₹8.68 crore, interest: ₹6.49 crore, penalty: ₹0.87 crore). The demand relates to GST on services provided to customers maintaining specified minimum balances in their accounts. The bank is already contesting similar issues through writ petitions and other legal proceedings, and will appeal this order within the prescribed timelines. The disclosure is being made because the cumulative amount has crossed the materiality threshold for reporting.
The ₹16 crore demand is small relative to ICICI Bank's size and is unlikely to materially affect financials, but the bank will need to set aside provisions if the appeal fails. Already in litigation on the same issue, so this is a continuation of an ongoing matter rather than a new threat.