ICICI Bank Limited has received an Order from Maharashtra Goods and Services Tax (GST) Department raising GST demand of ₹ 50,38,09,792/- and equivalent amount of penalty and interest as applicable, according to the company’s exchange filing.
The bank is likely to challenge the order before an appellate authority. “The Bank will take appropriate steps, including contesting the order through an appeal within prescribed timelines,” ICICI Bank said in an exchange filing.
The matter relates to the levy of tax under section 7(4) of IGST Act, 2017.
The order was received on January 3, 2025.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
Source #ET
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