Indian Railway Finance Corporation (IRFC) received a Bihar GST show-cause notice stating an amount of ₹396.91 crore, including applicable interest and penalty. It concerns April 2022 to March 2023. The notice is not a final tax demand or an order requiring payment: IRFC said no order had been issued when it disclosed the matter.
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 the period April 2022 through 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 stated amount is ₹396.91 crore, including applicable interest and penalty. CNBC TV18’s September 30, 2026 report attributes these particulars to the company filing. The BSE filing index also lists an IRFC disclosure about a GST show-cause notice on September 30, but does not provide the full notice particulars. BSE corporate announcements.
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Does IRFC have to pay ₹396.91 crore?
Not on the basis of the notice alone. A show-cause notice is a procedural step that gives the company an opportunity to respond; it is not itself an adjudication order. IRFC said no order had been issued and that no penalty, restriction, or sanction had been imposed as a result of the notice. The ₹396.91 crore is the amount stated in the notice, including applicable interest and penalty—not a confirmed amount paid or finally payable.
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What did IRFC say it would do?
As relayed by CNBC TV18 from the company’s filing, 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 described the issues raised as “generic in nature” and said it would pursue available legal remedies. It also said the financial impact could not then be determined. CNBC TV18 report.
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What is not yet known about the alleged tax issue?
The reporting available does not establish the specific transactions, tax treatment alleged by the authority, or calculation behind the Bihar notice. It also does not provide a separate figure for principal tax apart from interest and penalty, or a later response or adjudication outcome. The notice should therefore be described by its procedural status and stated amount, without treating the alleged grounds as established.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does IRFC’s earlier GST history explain this notice?
No connection between the Bihar notice and IRFC’s earlier GST disclosures has been established. 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; it also discusses earlier refund claims related to reverse-charge payments and appeals in Delhi. Those disclosures provide company background but do not identify the basis of this separate Bihar notice. IRFC FY2024–25 annual report.
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