2 hrs ago
RBL Bank Disputes Rs 164.14 Crore GST Demand
RBL Bank has received a notice from tax officials about a possible GST payment.
The proposed amount is about Rs 164 crore.
It includes tax, interest and a penalty.
Officials say the issue involves a mismatch in input tax credit records.
These records relate to a separate registration for the bank’s bullion business.
RBL Bank says the mismatch may have come from comparing records incorrectly.
The bank will send documents and an explanation to the authorities.
The notice is not a final order, and the bank currently expects no major business impact.
RBL Bank received a GST show-cause notice proposing a Rs 164.14 crore demand for financial year 2022-23.
The notice includes disputed tax, applicable interest and penalty, totaling Rs 164,13,53,222.
The demand concerns an alleged input tax credit mismatch linked to the bank’s bullion business registration.
RBL Bank says the proposed liability primarily resulted from an erroneous comparison and reconciliation of returns and other data.
The bank is reviewing the notice and does not currently expect a material effect on operations or finances.
- Who
- RBL Bank and the Delhi GST authorities are involved.
- What
- Authorities proposed a GST demand of Rs 164.14 crore, including tax, interest and penalty, over an alleged input tax credit mismatch.
- Where
- The notice was issued in Delhi, while the disclosure was made to the Bombay Stock Exchange and National Stock Exchange of India.
- When
- The notice was dated September 2, 2026, and RBL Bank disclosed it in a regulatory filing on September 3, 2026; it concerns financial year 2022-23.
- Why
- Authorities allege differences in input tax credit reported through GST returns for the bank’s bullion business registration; RBL Bank disputes the calculation.
RBL Bank’s Position
Tax Authorities’ Position
Input tax credit calculation
RBL Bank’s Position
RBL Bank says the proposed liability primarily resulted from an erroneous comparison and reconciliation of returns and other relevant data, and that its records support the bank’s position.
Tax Authorities’ Position
Tax authorities allege that input tax credit reported in GST returns for the bank’s separate bullion business registration did not match relevant data.
Status of the demand
RBL Bank’s Position
The bank is reviewing the show-cause notice and plans to provide records and reconciliations; it says the notice does not currently indicate a material business or financial impact.
Tax Authorities’ Position
The authorities have proposed an aggregate demand covering tax, interest and penalty, subject to the proceedings and the bank’s response.
Key facts
- Proposed demand
- Rs 164,13,53,222, including disputed tax, interest and penalty
- Tax
- Goods and Services Tax
- Relevant period
- Financial year 2022-23
- Notice date
- September 2, 2026
- Issuing authority
- Assistant Commissioner in Delhi under Section 73 of the Goods and Services Tax Act, 2017
- Bank’s response
- RBL Bank will submit a response within the stipulated timeline
- Expected impact
- The bank currently does not expect a material effect on its business operations or financial position
Sources
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