ICICI Bank gets GST demand and penalty order of over Rs 100 crore

Big private sector bank ICICI Bank has informed that it has received a GST demand and penalty order of Rs 100.76 crore. The bank said in an exchange filing, “On January 3, 2025, the bank has received an order from the Maharashtra Goods and Services Tax (GST) Department, which includes a GST demand of Rs 50,38,09,792 and penalty and interest of the same amount.”

The bank said that the bank will take appropriate steps including challenging the order through appeal within the prescribed time limit. Talking about the financial performance of the bank, ICICI Bank’s profit increased by 14 percent to Rs 11746 crore in the second quarter of FY 2025 while net interest income (NII) saw a growth of 10 percent.

The bank’s gross NPA has come down from 2.15 percent to 1.97 percent as compared to the first quarter. Net NPA has come down from 0.43 percent to 0.42 percent as compared to the first quarter. On the basis of loan value, gross NPA has come down from Rs 28719 crore to Rs 27121 crore.