ICICI Bank has received a substantial demand notice from tax authorities, citing an alleged short payment of GST amounting to Rs 216.27 crore. The notice claims discrepancies in GST payments related to services provided to customers who maintain a specified minimum balance in their accounts.

According to a regulatory filing, the notice was delivered on September 29, 2025, under the Maharashtra Goods and Services Tax Act, 2017. The bank is no stranger to such issues, as it has been involved in litigation over similar matters in the past.

Given the significant financial impact of the current demand, which surpasses materiality thresholds, ICICI Bank has decided to report the issue and plans to file a detailed response to the authorities within the prescribed timelines.

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