Emmvee Subsidiary Receives ₹20.39 Cr GST Demand Notice

Emmvee Energy Private Limited, a material subsidiary of Emmvee Photovoltaic Power Ltd, has received a Show Cause Notice from the Karnataka State GST Department. The notice alleges excess availment of Input Tax Credit (ITC) for FY 2022-23, proposing a tax demand of ₹20,39,04,267 along with interest and penalty, aggregating to ₹38,44,79,651. The company believes the allegations are unsustainable, stating it availed only eligible ITC of ₹11,51,16,900. Emmvee plans to file a response within the prescribed timeline and does not expect any material financial impact, as it believes no interest or penalty is payable. The company will pursue appropriate legal remedies.