Rane Holdings Subsidiary Receives ₹57.12 Crore Tax Notice
Rane Steering Systems Private Limited, a subsidiary of Rane Holdings Limited, received a Show Cause Notice from Haryana Tax Authorities. The notice concerns excess ITC claims and other tax-related issues for FY 2022-23, with potential financial implications of ₹57.12 Crores, including interest and penalty. RSSL plans to contest the notice.
The notice involves a substantial amount of ₹57.12 Crores, which could impact the company's financial performance if the penalty is upheld. However, the company is contesting it, which mitigates the immediate impact.
The company's subsidiary has received a Show Cause Notice with significant financial implications, indicating a potential negative impact on the company's finances.
Rane Holdings Limited (RHL) has disclosed that its wholly-owned subsidiary, Rane Steering Systems Private Limited (RSSL), has received a Show Cause Notice from the Deputy Excise & Taxation Commissioner (State Tax), Rewari, Haryana. The notice pertains to issues primarily related to excess Input Tax Credit (ITC) claimed in GSTR-3B compared to GSTR-2B, reverse charge liability on trademark fee, secondment of overseas employees, and other miscellaneous issues such as availment of ineligible ITC and issuance of credit notes.
The notice is applicable for the Financial Year 2022-23. The expected financial implications for RSSL, including applicable interest and penalty, aggregate to ₹57.12 Crores, with a penalty of ₹1.25 Crores identified by the authority. RSSL, in consultation with its tax advisors, is confident in its position and intends to contest the matter before the appropriate authority within the prescribed timelines, expecting a positive resolution.
This disclosure is made in compliance with Regulation 30 of SEBI LODR read with SEBI Master Circular dated January 30, 2026.
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