IBN 6-K: GST Department upholds ₹26.12 cr tax claim against ICICI Bank

Rhea-AI Filing Summary

ICICI Bank Limited has informed the SEC via Form 6-K that, on 1 Aug 2025, it received an appellate order from the Maharashtra Goods & Services Tax Department reiterating a tax demand of ₹26,12,07,438 (about INR 261.2 million) and an equivalent amount of penalty and interest. The bank had originally disclosed the same demand in a 4 Jan 2025 letter and had filed an appeal against that order.

The current filing states that ICICI Bank is still evaluating the order and will pursue further legal remedies, including another appeal, within the prescribed timelines. No financial impact or provisioning details are provided in this report.

Positive

• None.

Negative

• ₹26.12 crore tax demand plus equal penalty and interest confirmed by GST appellate order, prolonging litigation and creating contingent liability.

Insights

Financial Analyst

TL;DR: Tax demand reaffirmed; modest financial hit, management will appeal, limited immediate balance-sheet impact expected.

The GST authority has upheld a demand of ₹26.12 crore plus equal penalty and interest. While the absolute amount is minor relative to ICICI Bank’s multi-trillion-rupee balance sheet, the matter highlights ongoing tax litigation risk. The bank’s intention to contest suggests no immediate cash outflow, but a negative contingent liability persists until resolved. Investors should watch subsequent filings for provisioning or settlement updates.

Risk Analyst

TL;DR: Litigation risk unchanged; operational impact negligible but signals regulatory scrutiny.

The reiterated GST assessment maintains a contingent obligation roughly equal to the initial claim. Although immaterial to capital ratios, repeated tax disputes could attract further scrutiny and incremental legal costs. Timely disclosure mitigates governance risk, yet resolution uncertainty remains.

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 August 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

Subject: Disclosure under Indian Listing Regulations

IBN

ICICI Bank Limited (the ‘Bank’) Report on Form 6-K

This has reference to our earlier letter dated January 4, 2025 wherein the Bank had disclosed an Order received from Maharashtra Goods and Service Tax (GST) Department for a demand of ₹ 26,12,07,438/- and equivalent amount of penalty and interest as applicable. The Bank had filed an appeal against the said Order.

On August 1, 2025 at 5:02 p.m., the Bank has received an Order in appeal from Maharashtra GST Department raising tax demand of ₹ 26,12,07,438/- and equivalent amount of penalty and interest as applicable. The Bank was in the process of evaluating the contents of the Order which has resulted in a delay in this disclosure.

The Bank will take appropriate steps, including contesting the order through a further appeal within prescribed timelines.

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	: August 2, 2025	By:	/s/ Prachiti D. Lalingkar
			Name:	Prachiti D. Lalingkar
			Title:	Company Secretary

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

FAQ

What is the amount of the GST tax demand against ICICI Bank (IBN)?

The Maharashtra GST Department has demanded ₹26,12,07,438 and an equivalent amount of penalty and interest.

When did ICICI Bank receive the appellate GST order?

The order was received on 1 August 2025 at 5:02 p.m.

Has ICICI Bank disclosed this GST issue before?

Yes. The bank previously reported the demand in a letter dated 4 January 2025 and had already filed an appeal.

What actions will ICICI Bank take regarding the GST order?

The bank plans to contest the order through a further appeal within the statutory timelines.

Does the filing mention any financial provisioning for the tax demand?

No. The Form 6-K does not specify any provisions or financial impact related to the demand.