Waterbase Ltd Faces ₹2.99 Cr Tax Demand for FY23-24

Waterbase Ltd has received an order from the Deputy Commissioner (ST), Nellore, demanding a total tax of ₹2,99,46,034 (₹1,63,04,472 for FY 2022-23 and ₹1,36,41,562 for FY 2023-24). This demand, along with applicable interest and penalties, stems from the re-classification of certain products. The company states there is no material impact on its financials or operations and intends to appeal the order. The total demand includes ₹1,02,83,878 interest and ₹16,30,447 penalty for FY23, and ₹61,28,611 interest and ₹13,64,156 penalty for FY24.