Tax & Penalty24 Aug 2026, 06:40 pm
IRFC Receives GST Show Cause Notice for ₹305 Cr ITC Claim
AI Summary
Indian Railway Finance Corporation Ltd (IRFC) has received a Show Cause Notice (SCN) from the Assistant Commissioner of State Tax, concerning an excess input tax credit (ITC) claim of ₹305.38 crore for FY 2022-23. The notice, issued under Section 73 of the CGST Act, also includes applicable interest and penalty, potentially amounting to ₹549.32 crore. IRFC is currently evaluating the SCN with its tax advisors and plans to file a detailed reply within the prescribed timelines, pursuing all available legal remedies. The company states there is no immediate financial impact at this stage.
Key Highlights
- IRFC received GST Show Cause Notice for ₹305.38 Cr excess ITC claim.
- Total potential liability including interest and penalty is ₹549.32 Cr.
- Notice pertains to FY 2022-23 non-reconciliation of ITC.
- Company is evaluating and will file a reply; no immediate financial impact.
- Legal remedies will be pursued by IRFC.
Price Impact
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