NSE/BSE Codes: NSE: IRFC, BSE: 543257
Summary of Key Information:
Nature of Event / Disclosure:
Regulatory disclosure regarding receipt of Show Cause Notice from GST Authority under Section 73 of the Central Goods and Services Tax Act, 2017.
Involved Parties / Authorities:
- Issuing Authority: Assistant Commissioner of State Tax, Delhi Zonal Unit (GST Authority)
- Recipient: Indian Railway Finance Corporation Limited
Date / Timeline of Event:
- Date of Notice Receipt: 24th August 2026
- Period Applicable: April 2022 to March 2023 (FY 2022-23)
- Disclosure Date: 24th August 2026
Brief Description of Outcome / Dispute:
The company received a Show Cause Notice for excess input tax credit (ITC) of ₹305,38,46,775 (Rupees Three Hundred Five Crore Thirty-Eight Lakh Forty-Six Thousand Seven Hundred Seventy-Five Only) claimed on account of non-reconciliation of information for FY 2022-23.
Impact of Outcome:
Financial Impact:
- Total demand including applicable interest and penalty: ₹549,32,42,846 (Rupees Five Hundred and Forty-Nine Crore Thirty-Two Lakh Forty-Two Thousand Eight Hundred and Forty-Six Only)
- The company states: "No immediate financial impact on the Company at this stage"
Operational / Business / Strategic Impact:
No material operational, business or strategic impacts disclosed at this stage.
Other Implications:
No reputational, legal, regulatory, or market perception effects explicitly stated in the document.
Next Steps / Required Actions:
- The company is evaluating the SCN
- Will file a detailed reply with the adjudicating authority within prescribed timelines based on advice from tax advisors
- Will pursue all legal remedies available to it