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Awaiting price reaction for this filing.
Shipwaves Online Ltd has received a GST order from the Office of the Assistant Commissioner of State Tax, Maharashtra, for financial year 2021-22 following scrutiny of its GST returns. The order alleges excess availment of Input Tax Credit, excess RCM ITC, mismatches between GSTR-3B, GSTR-2A and Table 8A of GSTR-9, along with interest on delayed tax payment. The total demand raised is ₹2,08,11,060, split into tax of ₹1,04,38,280, interest of ₹89,61,154, and penalty of ₹14,11,628. The company's explanations and reconciliations were not accepted due to lack of adequate documentary evidence. The company is evaluating remedies and plans to file an appeal, believing the demand is not tenable.
While the demand of about ₹2.08 crore is not insignificant for a small company, management has indicated it does not expect any material impact on operations and will contest the order. Shareholders should watch for updates on the appeal, but short-term stock impact is likely limited unless the dispute escalates.