NSE/BSE Codes: BSE: 544754, NSE: KISSHT
Summary of Key Information:
Nature of Event / Disclosure:
Regulatory disclosure pursuant to Regulation 30 of SEBI Listing Regulations regarding receipt of Show Cause Notice by wholly owned subsidiary from GST Department.
Involved Parties / Authorities:
- Si Creva Capital Services Private Limited (wholly owned subsidiary)
- Goods and Services Tax Department, Maharashtra
- Deputy Commissioner of State Tax, Department of Goods and Service Tax (Bandra East-501, Nodal-05, Mumbai, Maharashtra)
Date / Timeline of Event:
- Show Cause Notice dated: September 29, 2026
- Disclosure filing date: September 30, 2026
- Financial year involved: 2022-23
Brief Description of Outcome / Dispute:
Si Creva Capital Services received a Show Cause Notice under Section 73(1) of the Maharashtra Goods and Services Tax Act, 2017 alleging five specific GST contraventions:
1. Non-reversal/short reversal of ITC proportionate to Nil rated/Exempted/Non GST supply
2. Short reversal of ITC in GSTR-3B compared to GSTR-9
3. ITC availed in Table 6M of GSTR-9 not specified in Table 6(B to L)
4. Excess outward tax in GSTR-1 compared to GSTR-9/GSTR-3B
5. Tax short paid as compared to GSTR-9 & GSTR-9C
Impact of Outcome:
Financial Impact:
The Show Cause Notice demands total payment of ₹44,05,68,262 comprising:
- Tax demand: ₹22,02,84,131
- Interest: ₹19,82,55,718
- Penalty: ₹2,20,28,413
The company states there is no expected material financial impact on the Company and Si Creva.
Operational / Business / Strategic Impact:
The company does not envisage any material impact on the financials, operations or other activities of the Company or Si Creva arising from this SCN.
Next Steps / Required Actions:
Si Creva shall be taking all necessary actions to present and defend its case before the adjudicating authorities and address the demand. The company firmly believes that the SCN has no merits.