DBT Bureau
Pune, 18 Dec 2025
ICICI Bank, in an exchange filing, said it has received a GST demand order amounting to ₹237.9 crore from the Maharashtra GST authorities on December 17 in connection with services provided to customers maintaining specified minimum balances. The order, issued under Section 73 of the Maharashtra GST Act, 2017, includes a tax demand of ₹216.27 crore and a penalty of ₹21.62 crore, along with applicable interest.
The private sector lender said the matter relates to an issue that is already under litigation, including writ petitions, in earlier cases. However, as the cumulative amount has crossed the materiality threshold, the bank has reported the development to stock exchanges. ICICI Bank stated it will contest the order and take appropriate legal steps within the prescribed timelines, adding that it continues to evaluate the financial and regulatory implications of the demand.
ICICI Bank shares were trading at ₹1,368.30 in early trade.
