ICICI Bank Faces Rs 238 Cr GST Demand Notice for Alleged Short Payment

• ICICI Bank received a GST demand notice of Rs 238 crore from tax authorities.
• The notice, issued under Section 73 of the Maharashtra GST Act, includes Rs 216.27 crore tax and Rs 21.62 crore penalty.
• The demand is for alleged short payment of GST and was received on December 17.
• The bank is contesting the order, citing ongoing litigation on similar past issues.
• ICICI Bank reported the matter as the cumulative amount exceeds the materiality threshold.

Why It Matters: ICICI Bank received a Rs 238 crore GST demand notice and plans to contest it.