NSDL gets GST show cause notice of about Rs 28.68 crore over royalty on brand use

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AI summary

NSDL received a GST show cause cum demand notice on Aug 13, 2026 for Rs 28.68 crore (CGST plus SGST of about Rs 14.34 crore each) covering FY 2020-21 to FY 2023-24. The notice alleges non-payment of GST on royalty paid by related entities NSDL Payments Bank and NSDL Data Management for using NSDL brand name and logo. NSDL says no immediate financial impact and will file a reply within timelines, pursuing all legal remedies.

Likely market impact

Limited immediate impact as it is only a show cause notice and the company plans to contest it. Watch for outcome of the company's reply.