ICICI Bank has received an Order in Appeal (OIA) from the Maharashtra Goods and Services Tax Department, confirming a substantial tax demand of ₹50,38,09,792 along with equivalent penalty and interest amounts. The bank disclosed this development through a regulatory filing on February 22, 2026, addressed to both BSE Limited and National Stock Exchange of India Limited.

Background of GST Dispute

The current order stems from an original GST demand that ICICI Bank first disclosed on January 4, 2025. The Maharashtra GST Department had initially issued an Order in Original (OIO) demanding ₹50,38,09,792 as tax liability, accompanied by equivalent amounts in penalty and interest.

Appeal Process Update

Following the original order, ICICI Bank had filed an appeal with the appellate authority. However, on February 21, 2026, at 3:21 p.m., the bank received the Order in Appeal under Section 107 of the Central Goods and Services Tax Act, 2017. The appellate authority has upheld the original demand without providing any relief to the bank.

Financial Impact Details

The confirmed GST demand encompasses multiple components that significantly impact the bank's financial position:

Regulatory Compliance and Next Steps

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding material developments. The formal communication was signed by Prachiti Lalingkar, Company Secretary, and digitally authenticated on February 22, 2026.

ICICI Bank has indicated its intention to continue contesting the GST demand through available legal remedies. The bank stated it will take appropriate steps, including filing a further appeal against the Order in Appeal within the prescribed timelines under GST regulations. Copies of the disclosure have been sent to international exchanges including NYSE, SIX Swiss Exchange, Singapore Stock Exchange, and Japan Securities Dealers Association.

ICICI Bank has completed the allotment of equity shares under its Employee Stock Option Scheme, marking another step in its employee compensation program. The bank formally communicated this development to stock exchanges on February 24, 2026.

Share Allotment Details

The bank has allotted a total of 369,765 equity shares under the ICICI Bank Employees Stock Option Scheme-2000. Each share carries a face value of Rs.2, representing the standard denomination for the bank's equity securities.

Approval Process

The allotment received approval from two Executive Directors of the bank on February 24, 2026, with the final approval recorded at 10:27 a.m. This approval was granted under the authority delegated by the Board of Directors during their meeting held on October 21, 2023.

Regulatory Communication

The bank has formally notified both major stock exchanges about this allotment. The communication was addressed to BSE Limited at Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai, and the National Stock Exchange of India Limited at Exchange Plaza, Bandra-Kurla Complex, Mumbai. The notification was signed by Prashant Mistry from the Associate Leadership Team, with digital signature authentication completed at 10:42:09 on February 24, 2026.

Employee Stock Option Framework

This allotment falls under the ICICI Bank Employees Stock Option Scheme-2000, which serves as part of the bank's employee compensation and retention strategy. The scheme allows eligible employees to acquire equity shares in the bank, aligning their interests with shareholders and providing long-term incentives.