Shipwaves Online Receives ₹1.92 Cr GST Show Cause Notice for FY 2022-23
Shipwaves Online Ltd has received a Show Cause Notice (Form GST DRC-01) dated September 29, 2026, from Maharashtra GST authorities regarding FY 2022-23. The notice proposes total dues of ₹1,91,92,289 (₹1.92 Cr), which includes ₹1,11,55,820 in tax, ₹69,20,887 in interest, and a tentative penalty of ₹11,15,582. The allegations pertain to discrepancies in Input Tax Credit, Reverse Charge Mechanism liability, credit notes, and taxability of other incomes. The total demand represents nearly 50% of the company's FY26 net profit of ₹3.85 Cr.
உச்சம் நம்பிக்கை
என்ன மாறியதுMaharashtra GST authorities issued a Show Cause Notice proposing a recovery of ₹1.92 Cr in taxes, interest, and penalty for FY 2022-23.
ஏன் இது முக்கியம்The proposed demand of ₹1.92 Cr is material relative to the company's annual net profit of ₹3.85 Cr in FY26 and could adversely impact cash flows if confirmed.
Total proposed dues: ₹1,91,92,289Proposed tax demand: ₹1,11,55,820Proposed interest: ₹69,20,887Tentative penalty: ₹11,15,582Demand vs FY26 PAT: ~49.8%
📅 குறுகிய காலம்Company will contest or reply to the SCN; sentiment may face mild pressure given the liability magnitude against annual profits.
📈 நீண்ட காலம்Limited structural impact unless final adjudication creates an adverse precedent on input tax credits or results in significant cash outflows.
⚠ அபாய எச்சரிக்கைகள்
- Adverse adjudication leading to cash outflow of up to ₹1.92 Cr
- Demand constitutes ~50% of FY26 net profit
👀 கவனிக்க வேண்டியவை
Track the company's formal response to the show cause notice and subsequent adjudication proceedings to assess whether any provisioning will impact upcoming quarterly earnings.
