Wholly owned subsidiary receives 8 MVAT review notices for FY 2013-14 to June 2017

Greatship (India) Limited, a wholly owned subsidiary, received 8 review notices dated September 28, 2026 under Section 25 of the Maharashtra VAT Act, 2002, covering FY 2013-14, 2014-15, 2016-17 and April 2017–June 2017.

Tue 29 Sep 2026

Review Notice Count

8 review notices

Coverage Period

FY 2013-14, 2014-15, 2016-17 and April 2017–June 2017

Statute

Section 25 of the Maharashtra VAT Act, 2002

Notice Date

September 28, 2026

Tax Demand Status

No tax demand has been computed yet; interest and penalty are proposed

What happened

Greatship (India) Limited (GIL), a wholly owned subsidiary, received 8 notices of review under Section 25 of the Maharashtra Value Added Tax Act, 2002, on September 28, 2026, from the Joint Commissioner of State Tax, Nodal-04, Mumbai.

What the notices cover

• Periods: FY 2013-14, 2014-15, 2016-17 and April 2017 – June 2017.
• The authority proposes to review appeal/rectification orders earlier passed by the Deputy Commissioner of Sales Tax (Appeals), Mumbai.
• Issues: treatment of charter hire of vessels / rigs under the MVAT Act, exemptions granted under the CST Act, and taxing charter-hire revenue at the correct rates.
• All the matters are stated to be similar.

Financial impact

The review notices have not computed any tax liability or demand. The company states that the aggregate tax liability on GIL, if any, may or may not exceed the materiality threshold under the listing regulations. The Joint Commissioner proposes to charge consequential interest and impose consequential penalty under the relevant provisions of the CST Act and MVAT Act.

Next steps

GIL has been asked to submit its objections, if any, against such an order of review, and will attend the matter and submit written objections in due course.

How to read this

This is a procedural step in an older indirect-tax dispute rather than a final order. At this stage no amount has been quantified, so the outcome depends on how the review proceedings conclude.

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