Shipping Corp Gets GST Notice Of Rs 160 Crore

The PSU says the demand is 'not maintainable' and, therefore, there will not be any material financial impact.

For representative purposes only. A container ship travelling in the ocean. (Image from Pixabay)

Shipping Corp. has received a demand notice of approximately Rs 160.4 crore from the Maharashtra goods and services tax department for alleged mismatches in input tax credit and differences in turnover in the returns.

The notice, dated Aug. 28, comprises a tax component of Rs 77.7 crore along with interest and penalties. The discrepancies were identified during a GST audit for financial year 2019–20, according to an exchange filing on Thursday.

SCI is preparing to file an appeal before the joint commissioner of state tax (appeal). The company asserted that the demand was "not maintainable" and, therefore, there would not be any material financial impact. 

Also Read: ICICI Prudential Gets Rs 420.8 Crore GST Demand And Penalty

Earlier on Aug. 22, SCI received notifications from the BSE and the National Stock Exchange, which imposed fines of Rs 5.36 lakh each for alleged non-compliance with SEBI Listing Regulations regarding the board of directors' composition. The public sector undertaking is in the process of appointing the required independent directors and also in discussions with the stock exchanges to resolve the matter.

Shares of SCI closed 1.46% lower at Rs 267.05 apiece on the NSE, compared to a 0.40% advance in the benchmark Nifty.

Also Read: Zomato Receives GST Notice Worth Rs 4.59 Crore

Watch LIVE TV , Get Stock Market Updates, Top Business , IPO and Latest News on NDTV Profit.
WRITTEN BY
Neha Aravind
Neha Aravind is a desk writer at NDTV Profit, who covers business and marke... more
GET REGULAR UPDATES