The Company has received order for demand of GST for excess input tax credit availed during FY22.
Awaiting price reaction for this filing.
Refex Renewables & Infrastructure Ltd has received a GST order dated December 22, 2025, from the Central Tax authority in Bhopal, demanding ₹14.83 lakh (₹13.48 lakh in tax + ₹1.35 lakh in penalty) for allegedly availing excess input tax credit (ITC) in FY2021-22 compared to what was reflected in GSTR-2A. The excess ITC was claimed under CGST, SGST, and IGST heads. The company has been asked to make the payment by December 31, 2025. The company has stated that it intends to vigorously contest the order through legal recourse, as it believes it can strongly defend its position.
The financial impact is relatively minor at ~₹14.83 lakh, which is small relative to the company's size and is unlikely to materially affect operations or stock price. The market reaction may be neutral; the company's plan to legally challenge the demand is a positive sign for shareholders.