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GST Notice: ICICI Bank Faces ₹229 Crore Demand
1 Oct
Summary
- ICICI Bank received a GST show cause notice for ₹229.14 crore.
- The demand relates to services for customers maintaining minimum account balances.
- The bank is already in litigation over similar past GST notices.
ICICI Bank has been issued a formal show cause notice by GST authorities, asserting a demand of ₹229.14 crore.
This substantial financial claim is specifically related to services rendered to customers for maintaining mandated minimum balances in their accounts. The notice was officially dispatched by the Additional Commissioner of CGST and Central Excise, Division-IV, Mumbai East Commissionerate, on September 30.
The bank highlighted that this demand, exclusive of potential interest and penalties, is part of ongoing litigation. ICICI Bank is currently involved in legal battles concerning earlier orders and similar notices, suggesting a protracted dispute over GST applicability.
ICICI Bank has affirmed its intention to file a comprehensive reply to the current show cause notice within the legally prescribed period. The cumulative amount involved in this latest matter has surpassed the materiality threshold, necessitating its public disclosure.
