ICICI Bank (NYSE: IBN) faces ₹49.1 crore GST demand in West Bengal order

Rhea-AI Filing Summary

ICICI Bank Limited reported that it received an Order in Appeal under section 107 of the West Bengal Goods and Services Tax Act, 2017, raising a demand of ₹ 49,11,92,021. This includes tax of ₹ 23,52,97,705, interest of ₹ 23,23,64,546 and penalty of ₹ 2,35,29,770.

The order concerns GST on services provided to customers who maintain specified minimum balances in their accounts, an issue for which the bank has previously received show cause notices and orders from various tax authorities. ICICI Bank plans to contest the order through a further appeal within prescribed timelines and notes that disclosure is triggered because the cumulative amount involved crosses its materiality threshold.

Insights

Banking and regulatory risk analyst

ICICI Bank faces a sizeable GST demand, which it plans to appeal.

ICICI Bank has received an appellate tax order under the West Bengal GST Act raising a total demand of ₹ 49,11,92,021, split between tax, interest and penalty. The dispute centers on GST applicability to services for customers maintaining specified minimum account balances.

The bank highlights that similar show cause notices and orders have come from various tax authorities, and that the aggregate amount now crosses its disclosure materiality threshold. It intends to file a further appeal within the prescribed timelines, indicating the matter is still in process rather than finally resolved.

This development introduces ongoing tax uncertainty around a particular service model. The financial and regulatory impact will depend on outcomes of the planned appeal and any related proceedings referenced by the bank’s prior writ petitions.

Form 6-K: How Foreign Companies Report to the SEC →

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 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

FAQ

What tax demand did ICICI Bank (IBN) disclose in its September 2025 6-K?

ICICI Bank disclosed a total GST demand of ₹ 49,11,92,021. The amount arises from an Order in Appeal under the West Bengal GST Act and comprises tax of ₹ 23,52,97,705, interest of ₹ 23,23,64,546 and penalty of ₹ 2,35,29,770.

What issue is at the core of ICICI Bank’s GST dispute mentioned in the 6-K?

The dispute concerns GST on services to customers with specified minimum balances. The order addresses how GST applies to services provided by ICICI Bank to account holders who maintain certain minimum balances, an issue that has drawn earlier show cause notices and orders from multiple tax authorities.

How is ICICI Bank responding to the GST Order in Appeal disclosed in the 6-K?

ICICI Bank plans to contest the order through a further appeal. The bank states it will take appropriate steps, including filing another appeal within prescribed timelines, continuing its legal challenge to the GST demand raised under the West Bengal Goods and Services Tax Act, 2017.

Why did ICICI Bank say this GST matter required disclosure to investors?

The cumulative amount involved crossed the bank’s materiality threshold. ICICI Bank notes it has previously received show cause notices and orders on the same GST issue, and the aggregate amount has now reached a level that triggers reporting under its disclosure standards.

Did ICICI Bank mention any delay in disclosing the GST order in its 6-K?

Yes, the bank acknowledged a delay due to evaluating the order. ICICI Bank explained that it was in the process of assessing the contents of the Order in Appeal, and this evaluation led to a delay before the information was disclosed under applicable listing regulations.

Which authority issued the GST Order in Appeal to ICICI Bank reported in the 6-K?

The order came from the Additional Commissioner of Revenue (Appeals), West Bengal. It was issued under section 107 of the West Bengal Goods and Services Tax Act, 2017, and addressed GST treatment of certain banking services linked to specified minimum account balances.