Key Quantitative Figures
The GST Authority has raised a total demand of ₹28,68,06,259 (Rupees Twenty Eight Crore Sixty Eight Lakh Six Thousand Two Hundred Fifty Nine Only). This comprises:
- CGST: ₹14,34,03,129
- SGST: ₹14,34,03,129
Dates of Action
- Notice received: August 13, 2026
- Disclosure filed: August 14, 2026
- Applicable period: Financial Years 2020-21 to 2023-24
Parties Involved
- Issuing Authority: Additional Commissioner of CGST & CX AUDIT-II, Mumbai
- Recipient: National Securities Depository Limited
- Related Entities Mentioned: NSDL Payment Bank Limited, NSDL Data Management Limited
Allegations and Reasons
The notice alleges that the company has not paid GST on royalty for use of brand name and logo by their related associate entities, namely NSDL Payment Bank Limited and NSDL Data Management Limited.
Additional Financial Implications
Beyond the principal demand of ₹28.68 crore, the notice also references:
- Interest under Section 74(1) read with Section 50 of CGST Act, 2017
- Penalty under Section 74(1) read with Section 122(2)(b) of CGST Act, 2017
Company Response and Action Plan
The company is evaluating the SCN and, based on advice from its tax advisors, shall:
- File a detailed reply with the adjudicating authority within prescribed timelines
- Pursue all legal remedies available to it
Financial Impact Assessment
The company states there is "no immediate financial impact on the Company at this stage."
Disclosure Compliance
This disclosure is made in compliance with Regulation 30 of SEBI Listing Regulations and includes all required annexure information as specified in the master circular.