Sbi Cards And Payment Services Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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SBI Cards has received a Show Cause Notice dated June 30, 2025, from the Additional Commissioner of CGST, Gurugram, proposing to disallow Input Tax Credit (ITC) of Rs. 81.93 crore along with interest and penalty. The demand is split into two parts: Rs. 81.46 crore for alleged mismatch between GSTR-2A and GSTR-3B returns, and Rs. 47.53 lakh for ITC claimed on supplies from vendors whose registrations were cancelled or who did not file returns. The notice covers a three-year period from FY 2018-19 to FY 2020-21. The company has 30 days to respond and plans to contest the demand. SBI Cards stated it believes it has correctly availed the credit as per GST law and expects to succeed in the proceedings.
At this stage, there is no immediate financial hit as the demand is only a proposal and the company is confident of a favourable outcome. However, if the demand is upheld after the adjudication process, the company could face a liability of around Rs. 81.93 crore plus interest and a matching penalty, which is material for the stock. Investors should watch for further updates on the company's response and the final order.