IRFC Shares In Focus Today After ₹397 Crore GST Show-Cause Notice From Bihar Authority
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The tax notice relates to GST matters for FY2022-23 and includes applicable interest and penalty. IRFC said the matter is still at the show-cause stage and its financial impact cannot be quantified at present.
Indian Railway Finance Corporation (IRFC) shares will be in focus on Thursday after the company received a ₹396.91 crore show-cause notice from the Bihar tax authorities over Goods and Services Tax (GST) matters for FY2022-23.
The notice was issued by the Office of the Joint Commissioner of State Tax, Hajipur Circle, and includes applicable interest and penalty, IRFC said in a stock exchange filing.
The company received the notice on September 29 under Section 73 of the Bihar Goods and Services Tax Act and the Central Goods and Services Tax Act, 2017.
IRFC said the matter is currently at the show-cause stage and no order has been issued so far. It is evaluating the notice and will file a reply within the prescribed timeline.
IRFC GST Notice Details
The ₹396.91 crore amount includes the tax demand along with applicable interest and penalty.
IRFC said the issues raised in the notice are generic and that it is in the process of preparing its response. The company also said the expected financial implications cannot be quantified at this stage.
The notice relates to FY2022-23. Since no adjudication order has been passed, no penalty, restriction or sanction has been imposed on the company as of now.
IRFC Share Price
IRFC shares closed at ₹81.07 on September 30, up around 1% during the session, according to market data.
The stock has remained under pressure over the year and was down around 37% year-to-date as of the latest reports.
Investors will track the stock's movement on Thursday following the disclosure, along with any further clarification from the company on the GST matter.
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Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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