Race Eco Chain Receives GST Show Cause Notice for ₹16.74 Cr ITC

Race Eco Chain Ltd has received a Demand cum Show Cause Notice from the Central Goods and Services Tax (CGST) Commissionerate, Noida. The notice, dated August 29, 2026, pertains to the period FY 2020-21 to FY 2026-27 (up to June 2026). The company is accused of availing Input Tax Credit (ITC) amounting to ₹16,74,60,039 from suppliers whose registrations have been cancelled. The company received the notice on August 29, 2026, but became aware of its contents on August 31, 2026, due to non-working days. Race Eco Chain believes the ITC was availed in accordance with GST provisions and is seeking legal advice to submit a detailed response within 30 days. Management does not anticipate any immediate impact on operations, with financial implications to be determined later.