IRFC Receives ₹549 Crore GST Show Cause Notice with Interest and Penalty
IRFC received a Show Cause Notice from the GST Authority demanding ₹549.32 crore, including interest and penalty. The notice relates to an excess Input Tax Credit claim of ₹305.38 crore for FY 2022-23. IRFC is evaluating the notice and will file a detailed reply.
While the company states no immediate financial impact, the potential demand of over ₹549 crore is substantial and requires further action and resolution, which could impact future financials.
The company has received a significant demand notice from the GST authority, which could lead to financial implications if not resolved favorably.
Indian Railway Finance Corporation Limited (IRFC) has received a Show Cause Notice (SCN) on August 24, 2026, from the Assistant Commissioner of State Tax, Delhi Zonal Unit. The notice, issued under Section 73 of the Central Goods and Services Tax Act, 2017, pertains to excess Input Tax Credit (ITC) of ₹305.38 crore claimed for the Financial Year 2022-23 due to reconciliation issues.
The total amount demanded, including applicable interest and penalty, is ₹549.32 crore. IRFC is currently evaluating the SCN and, based on advice from its tax advisors, will file a detailed reply within the prescribed timelines and pursue all available legal remedies. The company has stated that there is no immediate financial impact at this stage.
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