RBL Bank has received a show cause notice (SCN) for a proposed GST demand of ₹164.13 crore, including interest and penalty, for the financial year 2022-23. The notice from the Assistant Commissioner, Delhi, relates to an alleged mismatch in input tax credit for the Bank’s Bullion business vertical. RBL Bank is reviewing the SCN and plans to submit its response, stating it expects no material adverse impact on its operations or financial position.
Significant GST Demand Issued to RBL Bank
RBL Bank Limited has been served with a show cause notice (SCN) by the Assistant Commissioner, Delhi, dated September 02, 2026. The notice, issued under Section 73 of the Goods and Services Tax Act, 2017, proposes a substantial GST demand amounting to ₹164,13,53,222. This figure includes applicable interest and penalty for the financial year 2022-23.
Basis of Demand and Bank’s Stance
The proposed demand arises from an alleged mismatch between the input tax credit reported in GST returns and the separate GST registration obtained for the Bank’s Bullion business vertical. The Bank is currently in the process of reviewing the SCN and is preparing to submit its response to the concerned authority within the stipulated timelines. RBL Bank’s preliminary assessment suggests that the demand is primarily due to an erroneous comparison and reconciliation of returns/data. The Bank is confident that its position is supported by its records and reconciliations.
Expected Impact on Operations
Based on the current facts and its preliminary assessment, RBL Bank does not anticipate any material adverse impact on its operations or financial position as a result of this proposed demand. The information regarding this notice has been hosted on the Bank’s website, www.rbl.bank.in, in compliance with SEBI Listing Regulations.
Source: BSE
