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News Topical, Digital Desk : ICICI Bank, the country's second largest private sector bank, informed the stock exchanges on Thursday that tax authorities have issued a demand notice of Rs 238 crore to the bank for alleged underpayment of GST. ICICI Bank said in a regulatory filing that 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, demanding GST of Rs 237,90,04,448, which includes tax of Rs 216,27,31,316 and penalty of Rs 21,62,73,132, along with applicable interest on the matter.
The bank stated that this matter is related to similar orders and show-cause notices (SCNs) it has previously received, which it is already litigating, including through writ petitions. However, this time the total and overall amount involved exceeds the threshold of materiality, so this information is being disclosed. ICICI Bank stated that it will take all necessary and appropriate legal steps, including challenging this order through a writ petition or appeal, within the stipulated timeframe.
Share Performance: On Thursday, the bank's shares were trading at ₹1,357.40, up 0.30 percent. Over the past year, the company's stock has gained 3.28 percent.
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