Rane Holdings Ltd said its wholly owned subsidiary, Rane Steering Systems Pvt Ltd (RSSL), has received a show cause notice from the Deputy Excise and Taxation Commissioner (State Tax), Haryana. The notice, dated September 29, 2025, has been issued under Section 73 of the CGST/HGST Act, 2017 read with Section 20 of the IGST Act, 2017.
The communication relates to the April 2021-March 2022 period and cites issues such as non-payment of tax on secondment of employees, credit notes issued to customers, and excess input tax credit (ITC) availed compared with GSTR-2A filings. The potential financial implication has been estimated at Rs 8.87 crore, including tax, interest and penalty. This includes a penalty component of Rs 0.50 crore.
RSSL is in the process of furnishing its reply along with relevant information within the due date specified by the authority. The company clarified that it is cooperating with the officials and will provide a detailed response as part of the proceedings.
Shares of Rane Holdings were trading at Rs 1,598.90 on Tuesday, up 1.48 percent. The stock hit a day’s high of Rs 1,639.00 and a low of Rs 1,570.00. Over the past year, it has declined 21 percent, falling from Rs 2,066.75 to Rs 1,151.10. The company currently has a market valuation of Rs 46.74 billion and trades at a price-to-earnings multiple of 9.32, with a dividend yield of 2.38 percent.
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