Tax & Penalty30 Sept 2026, 05:40 pm
Shipwaves Online Ltd Faces ₹1.9 Cr GST Demand Notice
AI Summary
Shipwaves Online Ltd has received a Show Cause Notice (SCN) from the Deputy Commissioner of State Tax, Mumbai, for the Financial Year 2022-23. The notice, dated September 29, 2026, pertains to discrepancies identified during a GST audit, including issues with Input Tax Credit, Reverse Charge Mechanism liability, credit notes, and taxability of other incomes. The company has been asked to explain why a total demand of ₹1,91,92,289 should not be levied, comprising tax of ₹1,11,55,820, interest of ₹69,20,887, and a tentative penalty of ₹11,15,582. The final liability is subject to adjudication proceedings.
Key Highlights
- GST show cause notice issued for FY 2022-23.
- Total proposed demand stands at ₹1.91 Crore.
- Discrepancies relate to ITC, RCM, credit notes, and income taxability.
- Company is responding to the notice; outcome is pending adjudication.
Price Impact
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