ICICI Bank gets show cause notice over Rs 229 crore GST demand

ICICI Bank on Thursday said it has received a show cause notice from GST authorities for a tax demand of over `229 crore on services provided to customers maintaining specified minimum balances in their accounts.

ICICI Bank received the show cause notice under Section 73 of Maharashtra Goods and Services Tax Act, 2017 from Additional Commissioner, CGST raising a GST demand amounting to `229,14,35,396 along with interest and penalty, it said in a regulatory filing.

The tax demand pertains to services provided by the bank to customers maintaining specified minimum balances in their accounts. Shares of ICICI Bank closed at `1,305.50 apiece, down 1.29 per cent over previous close on BSE.