Waterbase Limited faces Rs 1.63 crore tax demand for fiscal year 2022-23 and Rs 1.36 crore for 2023-24

The Waterbase Limited has disclosed that it received an order from the Deputy Commissioner (ST), Nellore – Department of State Taxes, regarding a tax demand for Rs 1,63,04,472 along with Rs 1,02,83,878 in interest and Rs 16,30,447 in penalty for fiscal year 2022-23, and a further demand of Rs 1,36,41,562 with Rs 61,28,611 in interest and Rs 13,64,156 in penalty for fiscal year 2023-24, stemming from the re-classification of certain products under the APGST, CGST, and IGST Acts of 2017; the company stated that the order has no material impact on its financial or operational activities and that it intends to appeal the decision.