ICICI Bank Faces Rs. 216 Crore Demand Notice for Underpayment of GST, Stock Under Watch:

ICICI Bank has received a Rs. 216 crore GST demand notice, putting its stock under focus as investors watch for impact amid RBI’s upcoming policy announcement.

Show Cause Notice Puts ICICI Bank in Spotlight

Saloni Kumari

Oct 1, 2025

Last update on Oct 1, 2025

ICICI Bank Faces Rs. 216 Crore Demand Notice for Underpayment of GST, Stock Under Watch On Tuesday, ICICI Bank received an SCN (show cause notice) of Rs. 216.27 crore from the tax authorities for underpaying GST on services provided by the bank to their customers who hold a minimum balance account with the bank, asking the bank to explain the reason why the particular demand should not be imposed on them. If you are also among individuals who have bought or are thinking of buying shares of the ICICI private sector bank, then this news might greatly influence your decision. On September 29, 2025, ICICI Bank issued a regulatory filing to the stock exchanges informing them that it has received a show cause notice (SCN) demanding Rs. 216.27 Crore under Section 73 of the Maharashtra Goods and Services Tax Act, 2017, by the Additional CGST Commissioner, Mumbai East Commissionerate. The bank has claimed that it is already engaged in legal proceedings on a similar matter mentioned in the show cause notice; however, disclosing this issue to the stock exchanges is necessary because this is a hefty amount. ICICI has asserted that it will soon file a reply to the show-cause notice. On Friday, ICICI Bank’s share price ended at Rs. 1,348.05 on the BSE, up by Rs. 1. The stock is likely to stay in the news today because of a GST tax notice, which might hurt the company’s share performance. The Central Bank of India, RBI, will announce its monetary policy today, October 1, 2025, which will include a revision in the RBI's repo rate. It is expected that the RBI will reduce the repo rate due to growing tariff concerns nationwide.

About Author

Saloni Kumari

Content Writer

Saloni is a Content Writer with 2+ years of experience at studycafe.in. She writes legal, taxation, and finance related content including GST, Income Tax etc. Skilled in translating complex judicial pronouncements and regulatory developments into clear, and reader-friendly articles. Experienced in covering judgements of ITAT, High Court, GSTAT, and news related to Income Tax, GST, and corporate law. She can be reached at [email protected].