Details of the Order
- Date of Receipt: The company received the order on May 29, 2026.
- Issuing Authority: The order was issued by the Office of the Joint Commissioner, CGST & C. Ex., Navi Mumbai Commissionerate, located at 16th Floor, Satra Plaza, Palm Beach Road, Sector 19D, Vashi, Navi Mumbai – 400 705.
- Legal Reference: The order was issued under the GST Act, 2017.
- Applicable Period: The order is applicable for the period April 2023 to March 2024.
Material Contents and Financial Impact
Confirmed Demand and Penalty
The order confirms a GST demand and imposes penalties related to a corporate guarantee:
- Confirmed GST Demand: ₹ 18 Lakhs
- Penalty Imposed: ₹ 18 Lakhs
- Interest: Interest is applicable as per Section 50(1) of the CGST Act, 2017 and the relevant sections of the SGST Act, 2017.
Allegations Dropped
The order dropped the more significant allegations that were part of the original Show Cause Notice dated January 14, 2026:
- Ineligible Input Tax Credit: An allegation concerning the ineligible availment of Input Tax Credit on IPO expenses amounting to approximately ₹ 2.85 Crore has been dropped.
- Turnover Mismatch: An allegation of a turnover mismatch between Financial Statements and GST returns for FY 2021-22 of approximately ₹ 9.31 Crore has been dropped.
Company's Response and Next Steps
The company states that it is evaluating all options, including filing an appeal against the order before the appropriate authority.