ICICI Bank received a show cause notice (SCN) for ₹16.76 crore from West Bengal GST authorities regarding service tax demands on specific banking services.
The notice, issued under Section 73 of the West Bengal Goods and Services Tax Act, 2017, targets services provided to customers maintaining specified minimum balances in their accounts. The total demand comprises tax, interest, and penalty components.
Breakdown of the Demand
The Joint Commissioner of Revenue, West Bengal, issued the SCN on September 25, 2026. The aggregate amount involved crosses the materiality threshold, necessitating disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
| Component | Amount |
| Tax | ₹9.31 crore |
| Interest | ₹6.52 crore |
| Penalty | ₹0.93 crore |
| Total | ₹16.76 crore |
Legal Context and Response
The bank stated it is currently in litigation, including writ petitions, regarding similar issues raised in past orders and SCNs. The current notice pertains to the same category of services. ICICI Bank confirmed it will file a reply to the said SCN within the prescribed timelines.
The disclosure was made to BSE Limited and National Stock Exchange of India Limited, with copies sent to the New York Stock Exchange, SIX Swiss Exchange Limited, Singapore Stock Exchange, and Japan Securities Dealers Association.
