OnEMI Subsidiary Receives ₹44 Cr GST Demand Notice

OnEMI Technology Solutions Ltd's wholly-owned subsidiary, Si Creva Capital Services Private Limited, has received a Show Cause Notice (SCN) from the Goods and Services Tax Department, Maharashtra. The notice, dated September 29, 2026, pertains to the financial year 2022-23 and alleges contraventions including non-reversal of Input Tax Credit (ITC), short reversal of ITC, and excess outward tax. The total demand raised, including tax, interest, and penalty, amounts to ₹44,05,68,262 (₹44.06 Crore). OnEMI Technology Solutions firmly believes the SCN lacks merit and that Si Creva will defend its case. The company anticipates no material financial impact on itself or its subsidiary.