RVNL Receives GST Demand Notice; No Allegations or Business Impact Says Company

On June 20, 2025, Rail Vikas Nigam Limited (RVNL) issued a regulatory filing to the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), informing them that it had received a demand order with reference number RVNL/SECY/STEX/2025 (vide order no. ZD2706250849560) dated June 19, 2025, passed by the Office of the Deputy Commissioner of State Tax, Pune, Maharashtra, under Form DRC-07, which is a format used under the Goods and Services Tax (GST) framework to raise formal tax demands.

This regulatory filing is issued by the company to the stock exchange under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Para A of Part A of Schedule III of the SEBI (LODR) Regulations, 2015. According to this regulation, it is necessary for the listed companies to make the stock exchange aware of any recent major event or legal notice that might affect the companies’ business. This filing ensures transparency, investor protection, and market integrity. RVNL, in its regulatory filing, has also followed the format stated in the SEBI Master Circular dated 11th November 2024 and mentioned the full details in a separate section called Annexure-A.

The regulatory filing relates to the financial year 2021-2022. The total raised demand amounts to Rs. 1.99 lakh. RVNL stated that this communication was received on the same date of its issue, i.e., June 19, 2025.

In accordance with the SEBI Master Circular dated November 11, 2024 (SEBI/HO/CFD/PoD2/CIR/P/0155), RVNL has also submitted a declaration in the prescribed format as Annexure-A. The annexure indicated that the notice has been issued by the Deputy Commissioner of State Tax, Pune West, and includes the main details of the order. It also clarifies that the company is not accused of breaking any sort of rules or laws in the notice.

The Rail Vikas Nigam Limited (RVNL) has clarified that this action does not have any material impact on the company’s financial condition, business operations, or any other corporate activity. RVNL also mentioned that the raised demand notice can also be challenged legally, and it is also planning to take the right steps by approaching the proper tax or legal authorities to deal with the issue.

This situation is a normal process that is generally followed by the tax authorities. Rail Vikas Nigam Limited (RVNL) has honestly shared this information as part of its duty to follow stock market rules. The company is staying active in following the law and keeping its investors and stakeholders well-informed.