ICICI Bank (IBN) faces ₹ 216,27,31,316 GST demand on minimum balance services

Rhea-AI Filing Summary

ICICI Bank Limited has received a Show Cause Notice under section 73 of the Maharashtra Goods and Services Tax Act, 2017 from the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate. The notice raises a GST demand of ₹ 216,27,31,316, covering tax of the same amount along with applicable interest and penalty, related to services provided to customers who maintain specified minimum balances in their accounts.

The bank notes that it is already involved in litigation, including a writ petition, on a similar issue raised in earlier orders and show cause notices. Because the aggregate amount involved has crossed its materiality threshold, the matter is being disclosed. ICICI Bank states that it will file a reply to the notice within the prescribed timelines.

Insights

Banking and regulatory risk analyst

ICICI Bank faces a large GST demand but outcome depends on ongoing tax litigation.

The disclosure shows that ICICI Bank has received a GST Show Cause Notice for ₹ 216,27,31,316 tied to services for customers maintaining specified minimum balances. A Show Cause Notice is a preliminary step where the tax authority sets out a proposed demand and asks the taxpayer to explain why it should not be confirmed. It is not yet a finalized tax liability.

The bank indicates that similar issues are already under litigation, including a writ petition, suggesting a broader dispute over how these services are treated under the Maharashtra Goods and Services Tax Act, 2017. The fact that management labels the aggregate amount as above its materiality threshold signals that the potential exposure is meaningful for disclosure purposes, though the actual financial impact will depend on the eventual legal outcome.

ICICI Bank plans to file a reply within the prescribed timelines, which is the next procedural step before the authority can move toward any adjudication. Future regulatory or judicial decisions in these related cases will determine whether any portion of the demanded amount, including interest and penalties, becomes payable.

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 29, 2025 at 05:15 p.m., ICICI Bank Limited (the Bank) has received a Show Cause Notice (SCN) under section 73 of Maharashtra Goods and Services Tax Act, 2017 from Additional Commissioner of CGST and CEx., Mumbai East Commissionerate raising GST demand amounting to ₹ 216,27,31,316/- (Tax ₹ 216,27,31,316/- along with interest and penalty as applicable) on services provided by the Bank 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.

Please take the above information on record.

 

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 30, 2025	By:	/s/ Vivek Ranjan
			Name:	Vivek Ranjan
			Title:	Associate Leadership Team

FAQ

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

ICICI Bank disclosed that it received a Show Cause Notice under section 73 of the Maharashtra Goods and Services Tax Act, 2017 from the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate.

What is the GST demand amount mentioned by ICICI Bank (IBN)?

The Show Cause Notice raises a GST demand of ₹ 216,27,31,316, described as tax of the same amount along with applicable interest and penalty.

What services are involved in the GST dispute for ICICI Bank (IBN)?

The demand relates to services provided by ICICI Bank to customers maintaining specified minimum balances in their accounts.

Why is ICICI Bank (IBN) treating this GST matter as material?

ICICI Bank states that the matter is being reported because the aggregate or cumulative amount involved in the related issues has crossed its materiality threshold.

Does ICICI Bank (IBN) have ongoing litigation on similar GST issues?

Yes. The bank mentions it is already in litigation, including a writ petition, on a similar issue raised in previous orders and Show Cause Notices.

What action will ICICI Bank (IBN) take in response to the Show Cause Notice?

ICICI Bank states that it will file a reply to the Show Cause Notice within the prescribed timelines.

When did ICICI Bank (IBN) receive the GST Show Cause Notice?

The bank reports that it received the Show Cause Notice on September 29, 2025 at 05:15 p.m.