AI Analysis
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ICICI Bank Limited received an Order under Section 74 of the Maharashtra Goods and Services Tax Act, 2017 on March 18, 2026, raising a GST demand of ₹384,33,53,972 plus equivalent penalty and interest for services provided to customers maintaining specified minimum balances. The aggregate amount crosses the Bank's materiality threshold, and the Bank intends to contest it through a writ petition.
Key Takeaways
1Order received on March 18, 2026 at 03:42 p.m. from Additional Commissioner of CGST and CEx., Mumbai East Commissionerate
2GST demand of ₹384,33,53,972 plus equivalent penalty and interest
3Demand relates to services for customers maintaining specified minimum balances
4Bank in litigation on similar past orders and show cause notices
5Matter crosses Bank's materiality threshold
6Bank to contest Order via writ petition within prescribed timelines