Muthoot Finance Receives Rectification Order Regarding Tax Demand
Muthoot Finance Limited announced on March 26, 2026, that it received a rectification order from the Office of the Assistant Commissioner, Central Goods and Service Tax, Division I Noida, Uttar Pradesh. The order, dated March 24, 2026, reduces the previously assessed tax demand and penalty from Rs. 1,91,46,142 to NIL.The order follows a Writ Petition filed by the company with the Hon'ble High Court of Judicature at Allahabad.
The details of the events are summarized below:
| Details of events | Information of such event(s) |
|---|---|
| Name of the authority | Office of the Assistant commissioner, Central Goods and Service Tax, Division-1, Noida, Uttar Pradesh. |
| Nature and details of the action(s) taken initiated, or order(s) passed | Rectification order imposing the earlier tax demand and penalty aggregating to Rs. 1,91,46,142/- to NIL. |
| Date of receipt of direction or order | Order dated March 24, 2026, received on March 26, 2026. |
| Details of the violation(s)/contravention(s) committed or alleged to be committed | i) Input Tax Credit (ITC) related to supplies whose registration was cancelled retrospectively amounting to Rs. 95,70,326/-. ii) Ineligible Input Tax Credit related to debit notes by suppliers who had not filed GSTR-3B amounting to Rs. 2,745. |
| Impact on financial, operation or other activities of the company | There is no material impact on the financial, operational, or other activities of the company. |
The company secretary, Rajesh A, confirmed the update.
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