TV Vision Ltd Receives ₹5.39 Crore GST Demand Notice During Insolvency Proceedings

TV Vision Ltd has been issued a show cause notice demanding ₹5.39 crore, inclusive of interest, for the financial year 2022-23. The notice, received from the Deputy Commissioner of State Tax, Maharashtra, alleges excess availment of Input Tax Credit (ITC) not reflected in GSTR 2A/2B returns.

Reader Takeaway: A ₹5.39 crore tax demand looms, but management asserts no material financial or operational impact during CIRP.

What just happened

TV Vision Ltd received a GST demand notice (Form GST DRC-01A) from Maharashtra's Deputy Commissioner of State Tax. The notice pertains to alleged excess Input Tax Credit (ITC) availed during FY 2022-23, which the tax authorities claim was not reflected in the company's GSTR 2A/2B returns. The total demand amounts to ₹5.39 crore, comprising a proposed tax demand of ₹3.84 crore and interest of ₹1.55 crore.

Why this matters

This tax demand is significant for TV Vision Ltd, especially as it is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. While the management has stated there is no material impact on financials or operations, any additional liability adds pressure during the resolution phase. Investors will be watching how this claim is handled within the CIRP framework.

The backstory

TV Vision Ltd is already in a precarious financial state, being under CIRP. The current notice relates to past financial activities (FY 2022-23) concerning GST compliance. The company's operations and financial decisions are currently overseen by an Interim Resolution Professional.

What changes now

The company must respond to the tax authorities by September 4, 2026, or appear for a hearing on August 25, 2026. Management, in consultation with tax advisors, is preparing a legal response. The outcome of this notice will be managed within the broader CIRP, potentially affecting the company's resolution plan or its final winding up.

Risks to watch

The primary risk is that this tax demand, if upheld, could become a debt that needs to be settled as part of the CIRP. Failure to respond adequately could lead to further complications. The company's ongoing insolvency itself is a major risk factor.

Peer comparison

Information on similar tax notices issued to peers in the media and entertainment sector, especially those under insolvency, is not readily available from this filing.

Context metrics (time-bound)

• Notice Period: Financial Year 2022-23
• Aggregate Demand: ₹5.39 crore (₹539.29 lakh)
• Interest Component: ₹1.55 crore (₹155.42 lakh)
• Response Deadline: September 4, 2026
• Hearing Date: August 25, 2026

What to track next

Investors should monitor the company's response to the tax notice and any communication from the Interim Resolution Professional regarding the progress of the CIRP and how this tax liability is being addressed.