RBL Bank Faces Rs 164.14 Crore GST Demand, Lender Disputes Tax Calculation
Mumbai: RBL Bank has received a show-cause notice proposing a Goods and Services Tax demand of Rs 164.14 crore, including applicable interest and penalty, for the financial year 2022-23. The private sector lender disclosed the development in a regulatory filing to the BSE and National Stock Exchange on September 3, 2026. Notice linked to bullion business The notice, dated September 2, was issued…
Mumbai: RBL Bank has been issued a show-cause notice by the Delhi authorities, proposing a Goods and Services Tax (GST) demand totaling Rs 164.14 crore for the fiscal year 2022-23. This includes interest and penalties. The notice, dated September 2, was filed under Section 73 of the GST Act, 2017, and is related to alleged discrepancies in input tax credit reported through GST returns for the bank's bullion business division.
The total proposed demand, including interest and penalty, amounts to Rs 16,413,532,222. The authorities have expressed confidence in their calculations, based on the comparison and reconciliation of returns and other relevant data. RBL Bank has acknowledged receiving the notice and stated that it is currently reviewing the proposal.
Preliminary assessments indicate that the proposed liability mainly stems from an erroneous reconciliation process. The bank maintains that its position is supported by available records and reconciliations, which it plans to present in response to the tax department's allegations. The lender does not anticipate any significant impact on its business operations or financial position at this stage.
The show-cause notice serves as a proposal for the demand, providing RBL Bank with an opportunity to clarify its position before any final order is passed.
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