ICICI Bank Hit With ₹238 Cr GST Demand Notice for Alleged Short Payment

• ICICI Bank received a demand notice of ₹238 crore from tax authorities for alleged short payment of GST.
• The notice, issued under Section 73 of the Maharashtra Goods and Services Tax (GST) Act, 2017, includes ₹216.27 crore in tax and ₹21.63 crore as penalty.
• The bank received the order on December 17, reporting it on December 18.
• ICICI Bank is already involved in litigation on similar issues, and this amount crosses the materiality threshold.
• The bank plans to contest the order through a writ petition or appeal within prescribed timelines.

Why It Matters: ICICI Bank faces a ₹238 crore GST demand notice and plans to challenge it legally.