IRFC Receives Show Cause Notice from GST Authority for ₹396.91 Crore
IRFC received a Show Cause Notice from the GST Authority on September 29, 2026. The notice involves ₹396.91 crore for the period April 2022 to March 2023, including interest and penalties. IRFC is evaluating the notice and will file a reply with tax advisors.
The notice pertains to a substantial amount (₹396.91 crore), which could have a financial impact if the company is unable to successfully contest the notice. However, it is currently at the show cause stage, and the final implications are not yet quantified.
The company has received a Show Cause Notice from the GST authority for a significant amount, indicating a potential financial liability and legal challenge.
Indian Railway Finance Corporation Limited (IRFC) has received a Show Cause Notice (SCN) from the Joint Commissioner of State Tax, Hajipur Circle, Hajipur, under Section 73 of the BGST/CGST Act, 2017. The notice was received on September 29, 2026.
The SCN pertains to the period from April 2022 to March 2023 and indicates an amount of ₹3,96,90,78,153.59 (Rupees Three Hundred Ninety-Six Crore Ninety Lakh Seventy-Eight Thousand One Hundred Fifty-Three Rupees & Fifty-Nine Paisa Only), inclusive of applicable interest and penalty. The issues raised in the notice are described as generic in nature.
IRFC is currently evaluating the SCN and, based on advice from its tax advisors, will file a detailed reply with the adjudicating authority within the prescribed timelines. The company stated that as the case is at the show cause notice stage and no order has been issued, the expected financial implications cannot be quantified at this stage. IRFC will pursue all available legal remedies.
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Indian Railway Finance Corporation Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Indian Railway Finance Corporation Limited. Read the original for the full detail.