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Indian Railway Finance Corporation (IRFC) received a Bihar GST show-cause notice indicating ₹396.91 crore, including applicable interest and penalty. It covers April 2022 through March 2023. This is a notice, not a final tax demand: IRFC said no order had been issued and that it was evaluating its response.
What does the Bihar GST notice say?
CNBC TV18, reporting details from IRFC’s exchange filing, said the notice was received on September 29, 2026, from the Office of the Joint Commissioner of State Tax, Hajipur Circle, Hajipur. It relates to FY2022–23, or April 2022 to March 2023, and was issued under Section 73 of the Bihar Goods and Services Tax Act and the Central Goods and Services Tax Act, 2017. The BSE filing index lists a related IRFC GST show-cause notice disclosure dated September 30, 2026, but does not provide the full particulars.
The sources do not establish the specific transactions or tax treatment questioned by the authority, or how the amount was calculated. IRFC described the issues as “generic in nature,” according to the company statement relayed by CNBC TV18. The underlying allegation should therefore not be inferred from other GST matters involving the company.
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Not on the basis of the notice alone. The ₹396.91 crore is the amount indicated in the notice, including applicable interest and penalty; it is not evidence that IRFC has paid that sum or that a penalty has already been imposed. A show-cause notice is a procedural step that gives the recipient an opportunity to respond. In this case, IRFC said no order had been issued when it reported the notice.
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What did IRFC say it would do?
As relayed in the filing coverage, IRFC said it was evaluating the notice, consulting its tax advisers, and intended to submit a detailed response to the adjudicating authority within the prescribed timeline. The company also said it would pursue available legal remedies. It stated that the financial impact could not then be determined and that no penalty, restriction, or sanction had been imposed as a result of the notice.
How does this differ from IRFC’s earlier GST disclosures?
IRFC’s FY2024–25 annual report says the GST exemption for leasing rolling stock assets—including wagons, coaches, and locomotives—to Indian Railways was withdrawn effective October 1, 2021. The report also discusses earlier GST refund claims related to reverse-charge payments and appeals in Delhi. Those disclosures provide historical GST context, but do not identify the grounds of or establish a connection to the separate Bihar notice received in September 2026.
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What remains unknown?
The available filing coverage and BSE index do not establish the notice’s specific grounds, the principal tax amount apart from interest and penalty, whether IRFC has submitted its response, or how the authority will decide the matter. The final liability, if any, and the eventual financial effect are also not established.
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