Muthoot Finance Secures Rectification Order, Tax Demand of ₹1.91 Crore Reduced to Nil
Muthoot Finance Limited's tax demand and penalty of ₹1,91,46,142 has been reduced to NIL following a rectification order by the Central Goods and Service Tax office. This follows a Writ Petition filed by the company. No material financial or operational impact is expected.
The company explicitly stated that there is no material impact on its financial, operational, or other activities.
The company received a rectification order that reduced a significant tax demand and penalty to nil, which is a positive outcome.
Muthoot Finance Limited has announced a significant development regarding a tax matter. The Office of the Assistant Commissioner, Central Goods and Service Tax, Division I Noida, Uttar Pradesh, has passed a rectification order dated March 24, 2026. This order effectively reduces the earlier tax demand and penalty, which aggregated to ₹1,91,46,142, to NIL.
The rectification order was passed pursuant to a Writ Petition filed by the company with the Hon’ble High Court of Judicature at Allahabad. The company had initially been served with a demand and penalty totaling ₹1,91,46,142. The alleged violations included Input Tax Credit (ITC) related to supplies whose registration was cancelled retrospectively, amounting to ₹95,70,326, and ineligible ITC from debit notes by suppliers who had not filed GSTR-3B, amounting to ₹2,745.
The company has stated that there is no material impact on its financial, operational, or other activities as a result of this rectification order. The order was received by Muthoot Finance on March 26, 2026.
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Muthoot Finance Limited filed this with the NSE as a statutory disclosure, categorised under regulatory impact. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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