ICICI Bank Limited has received an Order from Central Goods and Services Tax (CGST) Department, Maharashtra raising a GST demand of INR 189,128,743 and levying a penalty of equivalent amount for availment of excess Input tax credit (ITC) in contravention of Section 140 of Central Goods and Services Tax Act, 2017 (CGST Act, 2017). The three days consecutive public holidays resulted in a delay in the disclosure. The Bank will be filing an appeal against the said order.

Name of the authority: Joint Commissioner of CGST and Central Excise, Mumbai East Commissionerate; Nature and details of the action(s) taken, initiated or order(s) passed: Order in Original under section 74 of CGST Act, 2017; Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: March 8, 2024; Details of the violation(s)/contravention(s) committed or alleged to be committed: Carried forward ineligible CENVAT credit under Tran-1 return in contravention of section 140 of CGST Act, 2017; Impact on financial, operation or other activities of the Bank, quantifiable in monetary terms to the extent possible: GST demand of INR 189,128,743; Penalty of INR 189,128,743.