OnEMI Subsidiary Faces ₹44 Crore GST Demand; Company Confident of No Material Impact
OnEMI's subsidiary, Si Creva Capital Services, received a GST Show Cause Notice for FY 2022-23, demanding ₹44.06 crore. The notice cites alleged ITC violations. The company believes the notice has no merit and expects no material financial impact.
While the company states there will be no material financial impact, a demand of over ₹44 crore, even if contested, represents a substantial sum and could potentially impact operations or require significant legal resources if not resolved favorably.
The company has received a significant tax demand notice, which is a negative development. However, they firmly believe the notice has no merit and expect no material financial impact, which mitigates the negativity.
OnEMI Technology Solutions Limited (formerly OnEMI Technology Solutions Private Limited) has disclosed that its wholly-owned subsidiary, Si Creva Capital Services Private Limited, received a Show Cause Notice (SCN) dated September 29, 2026, from the Goods and Services Tax Department, Maharashtra. The SCN, issued under Section 73(1) of the Maharashtra Goods and Services Tax Act, 2017, pertains to alleged contraventions for the financial year 2022-23.
The alleged contraventions include non-reversal/short reversal of Input Tax Credit (ITC) proportionate to Nil rated/Exempted/Non-GST supply, short reversal of ITC in GSTR-3B compared to GSTR-9, ITC availed in Table 6M of GSTR-9 not specified in Table 6(B to L), excess outward tax in GSTR-1 compared to GSTR-9/GSTR-3B, and tax short paid as compared to GSTR-9 & GSTR-9C.
The total demand raised in the SCN amounts to ₹44,05,68,262, comprising tax demand of ₹22,02,84,131, interest of ₹19,82,55,718, and penalty of ₹2,20,28,413. However, the Company firmly believes that the SCN lacks merit and Si Creva will take all necessary actions to defend its case before the adjudicating authorities. OnEMI Technology Solutions Limited stated that neither the Company nor Si Creva envisages any material impact on their financials, operations, or other activities arising from this SCN.
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OnEMI Technology Solutions Limited filed this with the NSE as a statutory disclosure, categorised under regulatory impact. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by OnEMI Technology Solutions Limited. Read the original for the full detail.