ICICI Bank has disclosed that the Maharashtra Goods and Services Tax (GST) Department has issued a demand notice of ₹237.90 crore for alleged short payment of GST. The order, received on December 17 under Section 73 of the Maharashtra GST Act, 2017, includes ₹216.27 crore in tax and ₹21.62 crore in penalty, along with applicable interest.
In a regulatory filing, the bank stated that it is already engaged in litigation, including writ petitions, on similar issues raised in past orders and show-cause notices. Given that the cumulative amount involved crosses the materiality threshold, the matter has been formally reported.
ICICI Bank confirmed that it will contest the order through appropriate legal channels, including filing a writ petition or appeal within the prescribed timelines.
