ICICI Bank Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
ICICIBANK · price
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ICICI Bank has received an order under Section 74 of the Maharashtra GST Act, 2017 from the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate, raising a GST demand of about ₹384.34 crores plus an equivalent amount in penalty and interest. The demand pertains to GST on services the Bank provides to customers who maintain specified minimum balances in their accounts. The Bank notes it is already engaged in litigation, including a writ petition, on similar issues raised in past orders and show cause notices. It is reporting the matter only because the cumulative amount crosses the materiality threshold, and intends to contest the order through a fresh writ petition within the prescribed timelines.
This is a tax demand that the Bank will challenge in court, so the near-term financial hit is unlikely unless the order is upheld. The Bank's prior similar litigation efforts may cushion any adverse outcome, but the case is a watchable overhang for shareholders.