₹15.6 crore GST demand hits ICICI Bank (IBN) over minimum balance services

Rhea-AI Filing Summary

ICICI Bank Limited has received a Show Cause Notice under section 73 of the West Bengal Goods and Services Tax Act, 2017 from the Deputy Commissioner of Revenue, West Bengal. The notice relates to GST demanded on services provided to customers who maintain specified minimum balances in their accounts.

The Show Cause Notice cites an aggregate amount of ₹ 15,60,94,512, including tax of ₹ 8,67,57,468, interest of ₹ 6,06,61,297 and penalty of ₹ 86,75,747. The bank is already in litigation, including a writ petition, on similar issues raised in past orders and notices, and is reporting this matter because the cumulative amount now crosses its materiality threshold. ICICI Bank plans to file a reply within the prescribed timelines and notes that disclosure was delayed while it evaluated the contents of the notice.

Insights

Banking regulatory and tax risk analyst

ICICI Bank faces a sizable GST demand notice that is still at a preliminary dispute stage.

ICICI Bank Limited reports a Show Cause Notice under the West Bengal GST law for ₹ 15.61 crore, covering tax, interest and penalty tied to services for customers maintaining specified minimum balances. This is a regulatory tax dispute, not a finalized liability.

The bank highlights that similar issues are already under litigation, including a writ petition, and that this disclosure is triggered because cumulative exposure passes its materiality threshold. The actual financial effect will depend on the outcome of these proceedings and the bank’s formal reply, which it plans to submit within prescribed timelines.

The mention of delayed disclosure due to internal evaluation shows there was a review period before informing markets. Subsequent updates in future filings or announcements will clarify whether any portion of the demanded amount must ultimately be paid or provided for.

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

Subject: Disclosure under Indian Listing Regulations

IBN

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

On September 22, 2025 at 04:02 p.m., the Bank has received a Show Cause Notice (SCN) under section 73 of West Bengal Goods and Services Tax Act, 2017 from Deputy Commissioner of Revenue, West Bengal. The aforesaid SCN includes an issue amounting to ₹ 15,60,94,512/- (Tax ₹ 8,67,57,468/- interest ₹ 6,06,61,297/- and penalty ₹ 86,75,747/-) relating to GST demand on services provided by banks to customers maintaining specified minimum balances in their accounts.  

While the Bank is in litigation (including writ petition) on similar issue raised in orders/SCNs in the past, since the aggregate/cumulative amount involved in the above crosses the materiality threshold, this matter is being reported.

The Bank will file a reply to the said SCN within prescribed timelines.

The Bank was in the process of evaluating the contents of the SCN which has resulted in a delay in the disclosure.

 

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 23, 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

FAQ

What tax-related notice did ICICI Bank (IBN) disclose in this 6-K?

ICICI Bank disclosed receiving a Show Cause Notice under section 73 of the West Bengal GST Act, 2017. The notice concerns GST on services to customers maintaining specified minimum balances in their accounts, and was issued by the Deputy Commissioner of Revenue, West Bengal.

What is the total amount cited in the GST Show Cause Notice to ICICI Bank (IBN)?

The Show Cause Notice cites a total amount of ₹ 15,60,94,512. This consists of tax of ₹ 8,67,57,468, interest of ₹ 6,06,61,297 and penalty of ₹ 86,75,747 relating to GST on certain banking services.

Why did ICICI Bank (IBN) decide this GST matter was material enough to report?

ICICI Bank reported the GST matter because the aggregate or cumulative amount involved across related orders and notices has crossed its materiality threshold. The bank indicates similar issues have arisen previously and are already under litigation, prompting disclosure at this level of exposure.

How is ICICI Bank (IBN) responding to the West Bengal GST Show Cause Notice?

ICICI Bank plans to file a formal reply to the Show Cause Notice within the prescribed timelines. It also notes that it is already in litigation, including a writ petition, on similar GST issues raised in earlier orders or notices from authorities.

What services are covered by the GST demand in ICICI Bank’s (IBN) notice?

The GST demand relates to services provided by ICICI Bank to customers who maintain specified minimum balances in their accounts. Authorities allege GST is due on these services, leading to the tax, interest and penalty amounts detailed in the Show Cause Notice.

Why was there a delay in ICICI Bank’s (IBN) disclosure of the GST notice?

ICICI Bank states there was a delay in disclosure because it was evaluating the contents of the Show Cause Notice. Only after this internal assessment, and recognizing that cumulative exposure crossed its materiality threshold, did the bank proceed with reporting the matter.