NSE/BSE Codes: BSE: 500620, NSE: GESHIP

Summary of Key Information:

Nature of Event / Disclosure:

Regulatory disclosure regarding receipt of tax review notices by wholly owned subsidiary under Maharashtra Value Added Tax Act, 2002.

Involved Parties / Authorities:

  • Joint Commissioner of State Tax, Nodal – 04, Mumbai 10
  • Department of Goods and Services Tax, Government of Maharashtra
  • Deputy Commissioner of Sales Tax (Appeals), Mumbai
  • Greatship (India) Limited (wholly owned subsidiary)

Date / Timeline of Event:

  • Date of receipt of communication: September 28, 2026
  • Disclosure filing date: September 29, 2026
  • Financial years under review: 2013-14, 2014-15, 2016-17, and April 2017-June 2017

Brief Description of Outcome / Dispute:

Greatship (India) Limited received 8 review notices under Section 25 of Maharashtra Value Added Tax Act, 2002. The Joint Commissioner of State Tax proposes to review appeal/rectification orders previously passed by the Deputy Commissioner of Sales Tax (Appeals), Mumbai. The review concerns treatment of charter hire of vessels/rigs under MVAT Act, 2002, exemptions granted under CST Act, 1956, and correct taxation rates for charter-hire revenue.

Impact of Outcome:

Financial Impact:
  • Review notices have not computed specific tax liability or demand amount
  • Aggregate tax liability may or may not exceed materiality threshold under SEBI Listing Regulations
  • Potential financial implications include consequential interest charges under section 9(2) of CST Act
  • Potential penalty imposition under section 30 and section 29 of MVAT Act
  • No quantitative financial impact disclosed at this stage
Operational / Business / Strategic Impact:
  • No immediate operational disruption disclosed
  • Matters relate to historical tax treatment of charter hire revenue from 2013-2017 period
  • All matters under review are described as similar in nature
Other Implications:
  • Regulatory compliance requirement for disclosure under SEBI Listing Regulations 30
  • Reputational impact from tax authority review process

Next Steps / Required Actions:

  • Greatship (India) Limited will attend the matter
  • Subsidiary will submit written objections in due course
  • No specific response deadline mentioned