RBL Bank faces Rs.164 crore GST demand notice over Input Tax Credit mismatch
Private sector lender RBL Bank Ltd on Thursday (September 3) said it has received a show-cause notice dated September 2, 2026, under Section 73 of the Goods and Services Tax Act, 2017, proposing a GST demand aggregating to Rs.164.14 crore, including applicable interest and penalty.
The notice has been issued by the Assistant Commissioner, Delhi, in relation to an alleged mismatch between input tax credit reported in GST returns under the separate GST registration obtained for the bank’s bullion business vertical.
RBL Bank said it is reviewing the show-cause notice and will submit its response to the concerned authority within the prescribed timelines. Based on its preliminary assessment, the bank said the proposed demand primarily arises from an erroneous comparison and reconciliation of returns and data.
The bank said its position is supported by records and reconciliations. Based on the current facts and assessment, RBL Bank does not expect the matter to have any material adverse impact on its operations or financial position.
"....we wish to inform you that RBL Bank Limited ("the Bank") has received a show cause notice (SCN) dated September 02, 2026 under Section 73 of the Goods and Services Tax Act, 2017 from Assistant Commissioner, Delhi," according to a stock exchange filing.
First Quarter Results
RBL Bank's Net Interest Income for the quarter fell 13% from last year to Rs.1,480.6 crore, which is lower than the CNBC-TV18 poll of Rs.1,521 crore. The lender had reported a core income of Rs.1,700 crore during the same quarter last year.
Net profit for the period nearly halved to Rs.200 crore, a 46.2% drop from the base quarter's level of Rs.372 crore. The figure, though, was higher than the CNBC-TV18 poll of Rs.159 crore.
