GST show cause notice of ₹ 16,75,96,536 received from West Bengal tax authority
The Bank received a show cause notice under Section 73 of the West Bengal GST Act from the Joint Commissioner of Revenue, West Bengal.
By ScoutQuest · · 1 min read
- GST Demand Total
- ₹ 16,75,96,536/-
- Tax Component
- ₹ 9,30,73,770/-
- Interest Component
- ₹ 6,52,15,388/-
- Penalty Component
- ₹ 93,07,378/-
- Subject Matter
- Services provided to customers maintaining specified minimum balances
What happened
ICICI Bank has received a show cause notice (SCN) under Section 73 of the West Bengal Goods and Services Tax Act, 2017, issued by the Joint Commissioner of Revenue, West Bengal.
Amount involved
- Total GST demand: ₹ 16,75,96,536/-
- Tax: ₹ 9,30,73,770/-
- Interest: ₹ 6,52,15,388/-
- Penalty: ₹ 93,07,378/-
Subject matter
The demand relates to services provided by the Bank to customers who maintain specified minimum balances in their accounts.
Bank's position
The Bank states it is already in litigation, including a writ petition, on a similar issue raised in earlier orders and notices. It will file a reply to this SCN within the prescribed timelines.
A show cause notice is a demand at the initial stage, asking the Bank to explain why the tax should not be levied. It is not a final order. The matter has been disclosed because the aggregate amount involved crosses the materiality threshold under the disclosure rules.
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More numbers
- Total GST demand₹ 16,75,96,536/-
- Tax component₹ 9,30,73,770/-
- Interest component₹ 6,52,15,388/-
- Penalty component₹ 93,07,378/-
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