TV Vision faces ₹53.93 Cr GST demand over alleged ITC excess availment
TV Vision Limited faces a ₹53.93 Cr GST demand from Maharashtra authorities for FY22-23 due to alleged excess ITC availment. The notice includes ₹38.39 Cr in tax and ₹15.54 Cr in interest, with no penalty proposed. The company, under CIRP, must reply by September 4, 2026, or attend a hearing on August 25, 2026.
*this image is generated using AI for illustrative purposes only.
TV Vision Limited received a show cause notice on August 05, 2026, from the Office of the Deputy Commissioner of State Tax, Maharashtra, proposing a total demand of ₹53,928,952 for alleged excess availment of Input Tax Credit (ITC) during Financial Year 2022-23. The notice, issued under Section 73 of the Central Goods and Services Tax Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017, breaks down the liability into a proposed tax demand of ₹38,386,964 and applicable interest of ₹15,541,988. No penalty has been proposed at this stage. This development adds to the regulatory complexities for the company, which is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.
The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/25 dated February 25, 2025. Alok Kumar Murarka, the Interim Resolution Professional (IBBI/IPA-001/IP-P-01934/2019-2020/13006), signed the communication to the Bombay Stock Exchange and National Stock Exchange of India Limited. The notice arises from a scrutiny of GST returns, specifically highlighting discrepancies where claimed ITC was not reflected in the GSTR-2A/2B documents.
The company has been directed to furnish its reply to the show cause notice on or before September 4, 2026. Alternatively, it may appear for a personal hearing scheduled for August 25, 2026, at 11:00 A.M. before the Deputy Commissioner of State Tax. The Interim Resolution Professional stated that the company is in consultation with its tax advisors and will file an appropriate reply within the stipulated timeline while taking all necessary legal steps in accordance with applicable laws.
Key Details of the Notice
| Particulars | Details |
|---|---|
| Authority | Deputy Commissioner of State Tax, Maharashtra |
| Applicable Period | Financial Year 2022-23 |
| Proposed Tax Demand | ₹38,386,964 |
| Applicable Interest | ₹15,541,988 |
| Total Aggregate Demand | ₹53,928,952 |
| Penalty Proposed | None |
| Reply Deadline | September 4, 2026 |
| Personal Hearing Date | August 25, 2026 |
What the Numbers Show
The composition of the demand reveals that interest constitutes approximately 29% of the total liability, indicating that the core dispute centers on the principal tax amount of ₹38,386,964. Since no penalty is proposed, the authority’s initial stance appears focused on recovering the alleged shortfall and statutory interest rather than imposing punitive measures. For a company under CIRP, such tax demands are critical as they impact the resolution process and potential recovery value for creditors, although the filing states there is no material impact on operations at this stage.
Historical Stock Returns for TV Vision
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.45% | -5.54% | -13.31% | -33.78% | -37.96% | +84.58% |
How will the ₹53.9 million tax demand impact the distribution waterfall and recovery rates for creditors in TV Vision's ongoing CIRP process?
What is the likelihood of the Interim Resolution Professional successfully contesting the ITC discrepancy claims given the absence of proposed penalties?
Could this GST notice trigger similar scrutiny from other state tax authorities or the Central Board of Indirect Taxes, potentially increasing the company's total liabilities?
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