ICICI Bank faces ₹49.1 Cr GST demand in West Bengal
Ticker: IBN · Form: 6-K · Filed: Sep 18, 2025 · CIK: 1103838
Sentiment: neutral
Topics: tax-dispute, gst, regulatory-filing
Related Tickers: IBN
TL;DR
ICICI Bank hit with ₹49.1 Cr GST demand in West Bengal, appeal order issued.
AI Summary
ICICI Bank Limited received an Order in Appeal on September 15, 2025, from the Additional Commissioner of Revenue (Appeals), West Bengal. The order raises a demand of ₹49,11,92,021, which includes tax of ₹23,52,97,705 and interest, related to the West Bengal Goods and Services Tax Act, 2017.
Why It Matters
This GST demand could impact ICICI Bank's profitability and requires careful monitoring of the appeal process and potential financial implications.
Risk Assessment
Risk Level: medium — The medium risk level is due to a significant tax demand that could affect financial results, although it is subject to appeal.
Key Numbers
- ₹49.1 Cr — GST Demand (Total amount demanded by West Bengal tax authorities.)
- ₹23.5 Cr — Tax Component (Portion of the demand specifically for tax.)
Key Players & Entities
- ICICI Bank Limited (company) — Registrant
- West Bengal Goods and Services Tax Act, 2017 (legislation) — Governing law for the tax demand
- Additional Commissioner of Revenue (Appeals), West Bengal (company) — Issuing authority of the order
- ₹49,11,92,021 (dollar_amount) — Total demand amount
- ₹23,52,97,705 (dollar_amount) — Tax component of the demand
- September 15, 2025 (date) — Date the order was received
FAQ
What is the specific nature of the Goods and Services Tax dispute?
The filing does not specify the exact nature of the dispute, only that it pertains to the West Bengal Goods and Services Tax Act, 2017.
What is the total amount of the demand raised by the West Bengal tax authorities?
The total demand amounts to ₹49,11,92,021.
What is the tax component of the demand?
The tax component of the demand is ₹23,52,97,705.
When did ICICI Bank receive this order?
ICICI Bank received the Order in Appeal on September 15, 2025.
What is the next step for ICICI Bank regarding this order?
The filing indicates this is an 'Order in Appeal', suggesting ICICI Bank may have further recourse or is in the process of appealing.
Filing Stats: 400 words · 2 min read · ~1 pages · Grade level 10.2 · Accepted 2025-09-18 06:05:05
Filing Documents
- dp234453_6k.htm (6-K) — 16KB
- image_002.jpg (GRAPHIC) — 3KB
- image_001.jpg (GRAPHIC) — 3KB
- 0000950103-25-011796.txt ( ) — 26KB
From the Filing
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a -16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of September 2025 Commission File Number: 001-15002 ICICI Bank Limited (Translation of registrant’s name into English) ICICI Bank Towers, Bandra-Kurla Complex Mumbai, India 400 051 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F X Form 40-F Table of Contents Items: 1. Other news OTHER NEWS IBN ICICI Bank Limited (the ‘Bank’) Report on Form 6-K On September 15, 2025 at 06:11 p.m., the Bank has received an Order in Appeal under section 107 of West Bengal Goods and Services Tax Act, 2017 from Additional Commissioner of Revenue (Appeals), West Bengal, raising demand amounting to 49,11,92,021/- (Tax 23,52,97,705/-, interest 23,23,64,546/- and penalty 2,35,29,770/-). The aforesaid Order in Appeal includes an issue relating to GST demand on services provided by banks to customers maintaining specified minimum balances in their accounts. In the past, the Bank has received show cause notices (SCNs) and order(s) on the same issue from various tax authorities. While the Bank has filed Writ petition(s) against the SCNs, since the aggregate/cumulative amount involved in the above crosses the materiality threshold, this matter is being reported. The Bank will take appropriate steps, including contesting the Order through a further appeal within prescribed timelines. The Bank was in the process of evaluating the contents of the Order which has resulted in a delay in the disclosure. Please take the above information on record. ICICI Bank Limited ICICI Bank Towers Bandra-Kurla Complex Mumbai 400 051, India. Tel.: 022- 4008 8900 Email:companysecretary@icicibank.com Website www.icicibank.com CIN.: L65190GJ1994PLC021012 Regd. Office: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara 390007. India SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised. For ICICI Bank Limited Date : September 17, 2025 By: /s/ Vivek Ranjan Name: Vivek Ranjan Title: Associate Leadership Team ICICI Bank Limited ICICI Bank Towers Bandra-Kurla Complex Mumbai 400 051, India. Tel.: 022- 4008 8900 Email:companysecretary@icicibank.com Website www.icicibank.com CIN.: L65190GJ1994PLC021012 Regd. Office: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara 390007. India