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 in Appeal (OIA) from the Maharashtra GST Department under Section 107 of the CGST Act, 2017, raising a tax demand of approximately ₹50.38 crore along with an equivalent amount in penalty and interest. This follows an earlier original order (OIO) received on January 4, 2025, for the same amount, which the Bank had appealed. The first-level appellate authority has upheld a similar demand, and the Bank has stated it will contest the order by filing a further appeal within the prescribed timelines. The matter relates to a GST dispute and not any regulatory action against the Bank.
The ₹50.38 crore tax demand is not material for ICICI Bank given its large size and earnings capacity, and the Bank is actively contesting it through further legal recourse. Shareholders are unlikely to see a meaningful impact on the stock; the disclosure is procedural and part of normal litigation reporting.