State-owned Shipping Corporation of India Ltd (SCI) on Friday, March 13, said it has received a revised GST demand of ₹60.07 crore from the Joint Commissioner of State Tax (Appeal-VI), Mumbai. The demand includes a tax component of ₹29.09 crore along with applicable interest and penalty.
The revised order follows SCI’s ongoing appeal against an earlier demand of ₹160.37 crore issued by the Deputy Commissioner of State Tax, which included ₹77.66 crore as the tax component plus interest and penalty. The demand primarily arises from a mismatch of input tax credit (ITC) with GSTR-2A filings.
“The company is currently reviewing the order in detail and evaluating the next steps in the matter. We are exploring all possible options to contest the demand, including filing an appeal, and believe there is strong merit in the case,” SCI said in a filing.
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Shipping Corporation of India had earlier disclosed this matter on August 29, 2024, and continues to engage with the authorities while assessing the financial implications of the revised demand.
Third quarter results
Shipping Corporation of India more than doubled its net profit in the third quarter ended December 2025, driven by a nearly fivefold increase in operating profit from its tanker segment.
Revenue from the tanker segment grew 34% to 1097 crore, and the operating profit (earnings before interest and taxes, or EBIT) jumped 389% (YoY). Both the offshore and the bulk carrier segments witnessed an improvement in profitability. The liner business disappointed with a drop in both revenue and profitability.
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Shares of Shipping Corporation of India Ltd ended at ₹238.90, down by ₹11.70, or 4.67%, on the BSE today, March 13.
