GST Show Cause Notice of Rs 3,96,90,78,153.59 received for FY 2022-23

The company received a GST Show Cause Notice on 29th September 2026 from the Joint Commissioner of State Tax, Hajipur Circle, under Section 73 of BGST/CGST Act, 2017.

Wed 30 Sep 2026

Notice Date

29th September 2026

Amount Indicated

Rs 3,96,90,78,153.59

Period Covered

April 2022 to March 2023

Issuing Authority

Joint Commissioner of State Tax, Hajipur Circle

Legal Reference

Section 73 of BGST/CGST Act, 2017

What happened

Indian Railway Finance Corporation has informed the exchanges that it received a Show Cause Notice (SCN) on 29th September 2026 from the Office of the Joint Commissioner of State Tax, Hajipur Circle, Hajipur, issued under Section 73 of the BGST/CGST Act, 2017.

The numbers

• Amount indicated in the SCN: Rs 3,96,90,78,153.59, described as inclusive of applicable interest and penalty.
• Period to which it relates: April 2022 to March 2023.

What a Show Cause Notice means

A Show Cause Notice is the tax department's first formal step. It sets out what the authority believes is short-paid or wrongly claimed and asks the company to explain. It is not a final demand. An adjudication order comes later, after the company's reply is heard.

Company's position

• The company says the issues raised are generic in nature.
• It is evaluating the notice and, based on advice from its tax advisors, will file a detailed reply with the adjudicating authority within the prescribed timelines.
• It will pursue all legal remedies available to it.
• Since the case is at notice stage and no order has been issued, the company states the expected financial implications cannot be quantified at this stage, and penalty can be quantified only after an order.

How investors may read it

The headline amount is large in absolute terms, which can create a cautious perception. At the same time, the update makes clear that nothing has been adjudicated and no liability has been crystallised. Investors typically watch for the company's reply, the adjudication order, and whether any provision or contingent liability disclosure follows in future financial results.

The disclosure was made under Regulation 30 and Regulation 30(13) of the SEBI Listing Regulations, with the prescribed details furnished in two annexures.

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