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.
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.
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.
