Nxt-Infra Trust lists a Rs 64.48 crore GSY GST dispute

Nxt-Infra Trust lists a Rs 64.48 crore indirect-tax dispute at GSY as its largest stated litigation amount, arising from GST return mismatches spanning FY 2021-22 to FY 2024-25. Nxt-Infra says GSY appealed the 30 December 2025 assessment order on 29 March 2026.

What are Nxt-Infra’s largest disclosed litigation amounts?

Nxt-Infra’s largest stated monetary matter is the Rs 64.48 crore GSY indirect-tax claim, followed by DME’s Rs 17.073 crore claim for reversal of proportionate input tax credit, or ITC, on exempt supply. The schedule also lists a Rs 12 crore AM-2 indirect-tax matter, although its status states that the demand was reduced to nil and an appeal was filed before the Commissioner (Appeals) on 14 January 2025.

The next largest stated entries are MCP’s Rs 6.79 crore direct-tax transfer-pricing matter and two MCP contractor-related proceedings with claims of Rs 4.1 crore each. One is arbitration initiated by Vidya Projects Pvt. Ltd. under a substitution and amendment agreement dated 25 June 2020. The other is a Delhi High Court recovery suit seeking Rs 4.1 crore plus pendente-lite and future interest at 12% a year; the schedule does not state whether the two contractor-claim amounts overlap.

Which GST disputes are disclosed at GSY and DME?

GSY’s Rs 64.48 crore case concerns a summary order dated 30 December 2025 for FY 2021-22 to FY 2024-25, involving differences between GSTR-3B and GSTR-1, GSTR-3B and GSTR-2B, and GSTR-3B and GSTR-7. The matter is before the Additional Commissioner with jurisdiction in Saharanpur, Uttar Pradesh, and the schedule says GSY filed its appeal on 29 March 2026.

DME’s Rs 17.073 crore indirect-tax case is before the Sales Tax Officer Class II or Assistant Value Added Tax Officer, Ward 94, Zone 8, Delhi, and concerns reversal of proportionate ITC for exempt supply. DME also lists an Rs 80.8 lakh GSTR-3B claim for April 2021 to March 2022, an Rs 19 lakh excess-ITC claim for July 2017 to March 2018, and Rs 20 lakh of interest associated with delayed GSTR-3B filing in FY 2019-20. Each of those four DME indirect-tax entries is recorded as assessed and appealed.

GSY’s stated GST amount is about 3.8 times DME’s principal ITC-reversal amount, based on Rs 64.48 crore against Rs 17.073 crore. The mechanisms differ: GSY’s order cites return, credit-statement and tax-deduction return mismatches over four financial years, whereas DME’s largest entry concerns ITC associated with exempt supplies. The schedule does not disclose an appellate outcome for either case.

What other tax matters does Nxt-Infra disclose?

Nxt-Infra lists direct-tax transfer-pricing matters at AM-2, CGRG, GSY and MCP, each relating to adjustments for interest on optionally convertible debentures, or OCDs. Their stated financial impacts are Rs 53 lakh at AM-2, Rs 1.59 crore at CGRG, Rs 1.88 crore at GSY and Rs 6.79 crore at MCP. Replies to the Dispute Resolution Panel, or DRP, were submitted on 23 April 2026 for AM-2 and GSY, 6 April 2026 for CGRG, and 27 April 2026 for MCP.

Other entries are lower in stated amount but extend across several entities. CEPL appealed an Rs 1.448 crore GST ITC matter on 27 June 2025 and had not received a hearing date according to the schedule. CGRG appealed an Rs 75 lakh ITC assessment on 2 March 2026, DJHPL lists an Rs 13.6 lakh excess-ITC demand under an order dated 29 December 2025, and SVBTC has an Rs 37.1 lakh income-tax demand for 2020-21 subject to a rectification petition filed on 14 December 2023.

AM-2 additionally reports an Rs 87.6 lakh indirect-tax audit matter covering FY 2017-18 to FY 2022-23, for which it received a DRC-01A on 25 April 2025. A separate AM-2 GST discrepancy is listed at Rs 40,000, while the narrative says a Rs 43,000 penalty was levied and reversed ITC of Rs 4.30074 lakh was paid. The schedule records an appeal against the penalty demand filed on 11 April 2024 and says the final order was received on 5 August 2024.

What are MCP’s NHAI and contractor proceedings?

MCP’s Rs 2.06 crore National Highways Authority of India, or NHAI, claim concerns alleged damages or penalties for non-maintenance of the project highway and improper toll-plaza management. NHAI sought the amount from the escrow bank, while MCP disputed the claim and referred it for amicable settlement under the concession agreement. The schedule does not state a hearing date or a resolution timeline for this claim.

A separate MCP conciliation settlement dated 19 June 2025 recorded a 204-day construction-period extension through provisional completion date one, or PCOD-1, on 31 March 2022. It also extended the concession period by 279 days, moving the stated end date to 31 July 2034 from 26 October 2033. The settlement preserved specified residual claims beyond 31 March 2022 for alternate resolution before a three-member Conciliation Committee of Independent Experts.

The Vidya Projects dispute has arbitral and court proceedings in the schedule. The source says M/WPIL filed its arbitration reply on 22 March 2022 and Vidya filed a rejoinder on 10 May 2022. In the recovery suit, the Delhi High Court rejected Vidya’s limitation-exclusion application on 9 January 2025 and granted conditional leave to defend on 19 August 2025; the source listed 8 May 2026 for Supreme Court stay-related proceedings and 20 May 2026 for the Delhi High Court matter.

Conclusion

Nxt-Infra’s disclosed litigation is led by GSY’s Rs 64.48 crore GST matter and DME’s Rs 17.073 crore ITC-reversal case. The schedule also records Rs 6.79 crore of transfer-pricing impact at MCP, a Rs 2.06 crore NHAI claim and two Rs 4.1 crore MCP contractor proceedings, while distinguishing among assessments, appeals, tax replies and adjudication.

The next developments to watch are the GSY and DME appeals, the DRP processes for the four OCD transfer-pricing matters, and MCP’s unresolved proceedings. The source specifically records a revised MCP concession end date of 31 July 2034 and listed 8 May 2026 and 20 May 2026 as the scheduled dates for its Supreme Court-related and Delhi High Court matters, respectively.