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 received a Show Cause Notice (SCN) on September 22, 2025 from the Deputy Commissioner of Revenue, West Bengal, under Section 73 of the West Bengal GST Act, 2017. The notice pertains to GST demand on services provided by banks to customers maintaining specified minimum balances in their accounts, with an aggregate demand of approximately ₹15.61 crore (tax ₹8.68 crore, interest ₹6.07 crore, and penalty ₹0.87 crore). The bank noted that it is already engaged in litigation, including writ petitions, on similar issues raised in past orders/SCNs. The bank will file its reply within the prescribed timelines, and acknowledged a delay in disclosure while evaluating the contents of the SCN.
The ₹15.61 crore demand is immaterial relative to ICICI Bank's overall size and the issue is industry-wide, with the bank already contesting similar notices in court. This is unlikely to have a meaningful impact on shareholders or the stock price.