ICICI Bank receives Rs.238 Cr GST demand from Maharashtra tax authorities
ICICI Bank has received a goods and services tax (GST) demand notice amounting to nearly Rs.238 crore from Maharashtra tax authorities, prompting the lender to prepare for legal action against the order.
In a regulatory disclosure on Thursday, the bank said it received an order dated December 17 under Section 73 of the Maharashtra Goods and Services Tax Act, 2017. The order alleges short payment of GST and raises a total demand of Rs.237.9 crore, excluding applicable interest.
The demand includes Rs.216.27 crore in tax and Rs.21.62 crore as penalty. According to the bank, the notice relates to issues that are already under dispute in earlier cases.
ICICI Bank noted that while it is currently engaged in litigation, including writ proceedings, on similar matters raised in past show-cause notices and orders, the cumulative value involved in the present case exceeds the threshold requiring mandatory disclosure.
The lender said it intends to take all necessary steps to contest the demand, including filing a writ petition or appeal within the timelines laid down under law. The bank did not indicate any immediate financial impact arising from the order.
ICICI Bank is one of India’s largest private sector lenders, with a nationwide presence across retail and corporate banking, insurance, asset management and other financial services.
