NBCC (India) Limited has notified the stock exchanges about receiving tax demand orders aggregating ₹94.51 crore from Central Goods and Services Tax (CGST) authorities. The disclosure was made on January 20, 2026, in compliance with Regulation 30 of the SEBI Listing Regulations. The demands include tax, interest, and penalties, and relate to different assessment issues raised by two CGST authorities.

Details of CGST Tax Demands

The company received separate orders from two CGST authorities, each citing different grounds for the demands:

*Includes tax demand and penalty related to overseas projects.

Nature of Alleged Violations

The Principal Commissioner, CGST, Delhi South Commissionerate, issued demands linked to two overseas projects where NBCC acted as a Project Management Consultant (PMC). These projects have already been completed and handed over to overseas clients.

The second order, issued by GSTO Ward 115, Zone 12, pertains to FY 2021–22 and relates to Input Tax Credit (ITC) matters, including:

• Apportionment of ITC under Rules 42 and 43 of the CGST Rules
• Reversal of proportionate ITC attributable to exempt supplies
• ITC reversals linked to cancelled dealers, return defaulters, and tax non-payers

Timeline and Company’s Response

NBCC received the respective tax demand orders on December 26, 2025, and December 31, 2025. The company has stated that it is in the process of filing appeals before the appropriate appellate authorities against both orders.

Impact on Business and Financials

Despite the sizeable demand of ₹94.51 crore, NBCC has clarified that it does not expect any material impact on its financial position, operations, or business activities. The company remains confident of contesting the demands through the legal and appellate framework.

Regulatory Disclosure

The intimation was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with the disclosure requirements under Para A of Part A of Schedule III. NBCC has also made the information available on its official website to ensure transparency for investors and stakeholders.

Summary

NBCC (India) Limited has received CGST tax demand orders totaling ₹94.51 crore from two tax authorities, relating to overseas PMC projects and ITC-related issues for FY 2021–22. The company plans to challenge the demands through appeals and has stated that it does not expect any material impact on its business or financials.

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