Nuvama Wealth and Investment Limited (NWIL), a material subsidiary of Nuvama, received a tax demand order for ₹97.19 lakh plus interest and penalty related to Input Tax Credit (ITC) claims for the period of April 2021 to March 2022. Nuvama plans to appeal the order. The company reports that this development has no impact on its operations or financials.
Tax Demand on Subsidiary
Nuvama Wealth and Investment Limited (NWIL), a wholly owned material subsidiary of Nuvama, has received a demand order from the Assistant Commissioner of State Tax, Delhi, dated December 27, 2025.
Financial Details of the Order
The order pertains to the period from April 2021 to March 2022 and includes a tax demand of ₹97,19,500. Additionally, the order includes interest amounting to ₹65,37,894 and a penalty of ₹9,71,950. The demand relates to discrepancies found in Input Tax Credit (ITC) claims, particularly excess ITC claimed in GSTR-3B as compared to GSTR-2A, and mismatches between GSTR-1 and GSTR-9.
Company Response
Nuvama stated that NWIL would file the necessary appeal with the Appellate Authority. The company asserts that the order does not have any impact on the financials, operations or other activities of the Company or its subsidiaries/associates.
Source: BSE
