ICICI Bank Gets Rs 238 cr GST Demand Notice

New Delhi: ICICI Bank on Thursday said tax authorities have sent it a demand notice of Rs 238 billion alleging underpayment of GST. On December 17, the bank received an order from the concerned authority under Section 73 of the Maharashtra Goods and Services Tax (GST) Act, 2017, raising the GST demand of Rs 237,90,04,448 comprising Rs 216,27,31,316 as tax and Rs 21,62,73,132 as penalty and interest applicable on the same. ICICI Bank said in a regulation.

“While the bank is in litigation (including writ petition) on similar issues raised in past orders/SCNs, this matter is being reported as the above mentioned total/cumulative amount exceeds the materiality threshold,” the bank said.

It was stated that the bank will take appropriate steps, including challenging the order through a written petition/objection within the stipulated time periods.