ICICI Bank Faces Rs. 50.38 Crore GST Demand After Appeal Rejected

ICICI Bank Faces Rs. 50.38 Crore GST Demand After Appeal Rejected

ICICI Bank has received an official order from the Maharashtra Goods and Services Tax Department confirming that it needs to pay Rs. 50,38,09,792 in taxes. Along with this amount, the bank may also have to pay an equal amount as a penalty, plus additional interest. The bank shared this update in a regulatory filing on February 22, 2026.

The current issue began when ICICI Bank informed the public on January 4, 2025, that it had received a GST demand order. The Maharashtra GST Department had passed an Order-in-Original (OIO) asking the bank to pay Rs. 50,38,09,792 as tax. In addition to this amount, an equal sum was imposed as a penalty, along with equivalent interest.

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Later, on February 21, 2026, the bank received the Order-in-Appeal (OIA), which is the decision given after the bank challenged the original order. The bank then disclosed this update on February 22, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ICICI Bank had previously filed an appeal against the order before the appellate authority. However, on February 21, 2026, the bank received the Order-in-Appeal issued under Section 107 of the Central Goods and Services Tax Act, 2017. In which the appellate authority did not grant any relief and fully upheld the GST demand.

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The confirmed GST demand includes three major parts that together have a significant financial impact on the bank. The main tax demand is Rs. 50,38,09,792. In addition to this, a penalty equal to the tax amount has been imposed with applicable interest. As a result, the total potential liability, including tax, penalty, and interest, comes to around Rs. 1.51 crore.

ICICI Bank further said that it does not agree with the GST demand and will continue to challenge it using the legal options available. The bank plans to file another appeal against the recent order within the time limit allowed under GST rules.