State-owned Shipping Corporation of India Ltd (SCI) received a revised GST demand of ₹60.07 crore from the Joint Commissioner of State Tax (Appeal-VI), Mumbai on Friday, March 13. According to reports from CNBC TV18, the demand includes a tax component of ₹29.09 crore along with applicable interest and penalty. This represents a significant reduction from the earlier demand of ₹160.37 crore issued by the Deputy Commissioner of State Tax, which had included ₹77.66 crore as the tax component plus interest and penalty.
The revised demand primarily arises from a mismatch of input tax credit (ITC) with GSTR-2A filings, as reported by CNBC TV18. SCI stated in a filing that the company is currently reviewing the order in detail and evaluating the next steps in the matter. The company is exploring all possible options to contest the demand, including filing an appeal, and believes there is strong merit in the case. SCI had earlier disclosed this matter on August 29, 2024, and continues to engage with authorities while assessing the financial implications of the revised demand.
Despite the positive development on the GST matter, Shipping Corporation of India shares ended at ₹238.90, down by ₹11.70, or 4.67% on the BSE on March 13, according to CNBC TV18. This decline occurred on the same day as the revised GST order was received, suggesting market concerns may have overshadowed the positive news about the reduced demand.
