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.