News ArticleICICI Bank Receives Telangana GST Appeal Order Confirming ₹6,95,418 Penalty, Plans Further Appeal
The bank's penalty was reduced from ₹13,55,750 to ₹6,95,418 in the Order in Appeal received on October 31, 2026
ICICI Bank Limited received an Order in Appeal from Telangana GST authorities confirming a penalty of ₹6,95,418, reduced from an earlier ₹13,55,750. The bank plans to appeal the decision further within the prescribed timelines in the matter concerning a GST penalty dispute.
ICICI Bank Limited
Legal / Regulatory
ICICI Bank Limited reported receiving an Order in Appeal from Telangana GST authorities that confirmed a penalty of ₹6,95,418, down from ₹13,55,750 earlier imposed. The bank intends to file an appeal against this decision within the regulatory deadlines.
On December 30, 2023, ICICI Bank disclosed receiving an Order in Original from the Telangana GST department imposing a penalty of ₹13,55,750. The bank contested this original order by filing an appeal.
On October 31, 2026, the bank received the Order in Appeal from the Additional Commissioner confirming a reduced penalty of ₹6,95,418 under Section 107 of the Central Goods and Services Tax Act, 2017.
ICICI Bank announced it will challenge this Order in Appeal further by filing another appeal within the stipulated time frame.
The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and was sent to multiple stock exchanges including BSE, NSE, and international exchanges.
Highlights
- Original GST penalty was ₹13,55,750 as per Order in Original dated December 30, 2023.
- Order in Appeal dated October 31, 2026, reduced the penalty to ₹6,95,418.
- Bank plans to file further appeal against the Order in Appeal.
- Disclosure made under SEBI Regulations on November 1, 2026.
- Penalty relates to proceedings under Telangana Goods and Services Tax department.
Key Data Snapshot
What happened
- ICICI Bank received an Order in Appeal from Telangana GST authorities confirming a penalty of ₹6,95,418.
- This Order in Appeal reduces the originally imposed penalty of ₹13,55,750 from December 2023.
- The penalty relates to tax proceedings under the Central Goods and Services Tax Act, 2017.
- The bank has announced its intention to file a further appeal against this decision.
Regulatory and governance context
- Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The Order in Appeal was issued by the Additional Commissioner, (ST) (Grade-I) (FAC), Telangana.
- Appeal will be filed within prescribed legal timelines to contest the penalty.
Highlights
- Original GST penalty was ₹13,55,750 as per Order in Original dated December 30, 2023.
- Order in Appeal dated October 31, 2026, reduced the penalty to ₹6,95,418.
- Bank plans to file further appeal against the Order in Appeal.
- Disclosure made under SEBI Regulations on November 1, 2026.
- Penalty relates to proceedings under Telangana Goods and Services Tax department.
Disclosures
- Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Section 107 of Central Goods and Services Tax Act, 2017
More News on Legal / Regulatory
View allLatest corporate announcements and market updates in Legal / Regulatory.
Vodafone Idea Limited Faces Rs. 89.16 Lakh Penalty from TRAI for Regulatory Breach in Q4 2024
Vodafone Idea Limited has been issued an order by the Telecom Regulatory Authority of India imposing a financial disincentive of Rs. 89,16,000 for failing to comply with telecom commercial communications regulations in the quarter ending December 2024.
Read Full Story
LG Electronics India Receives Customs Order with ₹1.06 Crore Duty, Fine, and Penalty for Import Classification Dispute
LG Electronics India Limited was issued an Order-in-Original on October 30, 2026, by the Principal Commissioner of Customs, Mumbai, demanding ₹61,30,064 in differential customs duty, levying a redemption fine of ₹40,00,000 and a penalty of ₹5,00,000 related to the import classification of Commercial Signage Displays.
Read Full Story
Samvardhana Motherson International Subsidiary SMP Automotive Technology Iberica Fined EUR 20,001 for Air Quality Norms Breach in Spain
Samvardhana Motherson International Limited reported that its indirect subsidiary SMP Automotive Technology Iberica S.L. was fined EUR 20,001 by the Government of Catalunya for breaching air quality regulations at its Barcelona facility by exceeding permitted emission levels of volatile organic compounds in 2024.
Read Full Story
