Indian Railway Finance Corporation Faces Rs 396.91 Crore GST Show Cause Notice; Plans to File Reply :

Indian Railway Finance Corporation Limited has received a Show Cause Notice (SCN) dated September 29, 2026, from the Office of the Joint Commissioner of State Tax, Hajipur Circle, Hajipur. The company had received the notice on the same day of issuance.

The notice has been issued under Section 73 of the BGST/CGST Act 2017. Presently, the company is in the process of evaluating the notice and is planning to file a detailed and proper reply to the notice with the concerned adjudicating authority within the prescribed time limit.

The company has given the assurance that it will pursue all possible remedies available in the present situation. The notice has proposed an aggregate demand amounting to Rs 396.91 crore (including interest and penalty). The proposed GST demand pertains to the financial year 2022-23 (assessment year 2023-24).

The company has disclosed that "issues raised are generic in nature, and the company is in the process of filing a reply to said notice." Through the notice, the company is being asked to show cause the reason why the proposed demand of Rs 396.91 crore should not be imposed on its income.

Indian Railway Finance Corporation Limited has made the aforementioned disclosure to the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE) vide an Intimation dated September 30, 2026, issued in pursuance of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulations 2015).

Refer to the official intimation for complete information.