Show cause notice received for GST demand of ₹ 229,14,35,396 plus interest and penalty

ICICI Bank received a GST show cause notice on September 30, 2026 at 05:57 p.m. from the Additional Commissioner, CGST and C. Ex, Mumbai East, raising a demand of ₹ 229,14,35,396 plus interest and penalty.

Thu 1 Oct 2026

GST Demand Amount

₹ 229,14,35,396 plus interest and penalty

Notice Date

September 30, 2026 at 05:57 p.m.

Notice Under

Section 73 of the Maharashtra Goods and Services Tax Act, 2017

Issuing Authority

Additional Commissioner, CGST and C. Ex, Division-IV, Mumbai East Commissionerate

Bank's Response

Will file a reply within the prescribed timelines

What the update says

• On September 30, 2026 at 05:57 p.m., ICICI Bank received a show cause notice (SCN) from the Additional Commissioner, CGST and C. Ex, Division-IV, Mumbai East Commissionerate.
• The notice is under Section 73 of the Maharashtra Goods and Services Tax Act, 2017.
• It raises a GST demand of ₹ 229,14,35,396, along with interest and penalty as applicable.
• The demand relates to services provided by the Bank to customers maintaining specified minimum balances in their accounts.

What a show cause notice means

A show cause notice is a formal communication asking a company to explain why a proposed demand should not be confirmed. It is a step in the process, not a final order. The company gets an opportunity to present its position.

What the Bank has said about the matter

• The Bank is in litigation, including a writ petition, on a similar issue raised in orders/SCNs in the past.
• The aggregate or cumulative amount involved in this matter crosses the materiality threshold, which is why it is being reported.
• The Bank will file a reply to the said SCN within the prescribed timelines.

The number in context

The demand as printed is ₹ 229,14,35,396, and the notice also refers to interest and penalty as applicable. That amount is what the notice proposes; the Bank's reply and the subsequent process will determine how the matter moves forward.

What this means for an investor reading the update

• This is a disclosure of a notice received, with the Bank stating it will respond within the prescribed timelines.
• The Bank has flagged that the cumulative amount on this issue has crossed its materiality threshold, which is the reason the matter is being reported to the exchanges.

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