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Latest filing: 2026-09-30 17:38
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2 announcements match the current filters (relevance ≥ 5).
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.
Confidence: HIGH
What changedMaharashtra GST authorities issued a Show Cause Notice proposing a recovery of ₹1.92 Cr in taxes, interest, and penalty for FY 2022-23.
Why it mattersThe 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%
📅 Short termCompany will contest or reply to the SCN; sentiment may face mild pressure given the liability magnitude against annual profits.
📈 Long termLimited structural impact unless final adjudication creates an adverse precedent on input tax credits or results in significant cash outflows.
⚠ Risk flags
- Adverse adjudication leading to cash outflow of up to ₹1.92 Cr
- Demand constitutes ~50% of FY26 net profit
Key Highlights
Total proposed demand of ₹1,91,92,289 under Section 73 of GST laws for FY 2022-23
Tax component stands at ₹1,11,55,820 with proposed interest of ₹69,20,887
Tentative penalty proposed at ₹11,15,582, subject to legal adjudication
Issues relate to ITC, RCM liability, credit notes, and taxability of other income
👀 What to Watch
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.
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.
Confidence: HIGH
What changedMaharashtra GST authorities issued a Show Cause Notice proposing a recovery of ₹1.92 Cr in taxes, interest, and penalty for FY 2022-23.
Why it mattersThe 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%
📅 Short termCompany will contest or reply to the SCN; sentiment may face mild pressure given the liability magnitude against annual profits.
📈 Long termLimited structural impact unless final adjudication creates an adverse precedent on input tax credits or results in significant cash outflows.
⚠ Risk flags
- Adverse adjudication leading to cash outflow of up to ₹1.92 Cr
- Demand constitutes ~50% of FY26 net profit
Key Highlights
Total proposed demand of ₹1,91,92,289 under Section 73 of GST laws for FY 2022-23
Tax component stands at ₹1,11,55,820 with proposed interest of ₹69,20,887
Tentative penalty proposed at ₹11,15,582, subject to legal adjudication
Issues relate to ITC, RCM liability, credit notes, and taxability of other income
👀 What to Watch
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.
