Indian Railway Finance Corporation Ltd (IRFC) said in a BSE filing on August 24, 2026, that it had received an IRFC GST show cause notice from the Assistant Commissioner of State Tax, Delhi Zonal Unit. The notice was issued under Section 73 of the Central Goods and Services Tax Act, 2017.

The communication concerns alleged excess input tax credit arising from the non-reconciliation of information for the financial year 2022-23. The relevant period stated in the filing runs from April 2022 to March 2023.

IRFC disclosed that the show cause notice cited excess input tax credit of Rs 305,38,46,775. Including applicable interest and penalty, the total amount mentioned in the notice is Rs 549,32,42,846.

IRFC evaluating notice with tax advisers

The railway financing company said it is evaluating the show cause notice and will file a detailed reply before the adjudicating authority within the prescribed timelines, based on advice from its tax advisers. It also plans to pursue all legal remedies available to it.

IRFC clarified that there is no immediate financial impact on the company at this stage. The filing also distinguished the notice from a final adjudication order, stating that no order had been passed as of the disclosure date.

  • The communication was received through email on August 24, 2026.
  • The issuing authority is the Assistant Commissioner of State Tax, Delhi Zonal Unit.
  • The matter relates to the alleged non-reconciliation of information for FY 2022-23.
  • IRFC will respond within the timelines prescribed by the adjudicating authority.

No sanction imposed as of filing date

The company said no penalty, restriction or sanction had been imposed pursuant to the communication as of August 24, 2026. Although the amount cited in the notice includes applicable interest and penalty, the proceeding remains at the show cause stage.

IRFC made the disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The filing was submitted to BSE, where the company carries scrip code 543257, and to the National Stock Exchange of India, where its trading symbol is IRFC.

The exchange communication was signed by Vijay Babulal Shirode, Company Secretary and Compliance Officer. The company did not disclose any other relevant information beyond the notice, its proposed response and the stated absence of an immediate financial impact.

Source: BSE corporate announcement.