Pursuant to Regulation 30 read with Clause 20 of Para A of Part A of Schedule III of the SEBI Listing Regulations, 2015, this is to inform you that the Company has received an Order from the Office of Additional Commissioner of CGST & CX, Kolkata North.
BRITANNIA · price
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Awaiting price reaction for this filing.
Britannia Industries has received an order from the Additional Commissioner of CGST & CX, Kolkata North, demanding tax of Rs. 25.42 crore (Rs. 25,41,73,150) along with equivalent penalty and applicable interest. The order, under Section 74 of the CGST Act, relates to the classification of a certain product and input tax credit claims, covering tax periods from July 2017 to March 2023. It follows a Show Cause Notice issued by the Directorate General of GST Intelligence in August 2024. The company has stated there is no material impact on its financials or operations and plans to appeal the order through available legal remedies under GST law.
Short-term overhang due to the tax demand of Rs. 25.42 crore plus penalty and interest, but management has indicated no material impact on financials. The stock is unlikely to see significant reaction as the company will contest the order, though final resolution may take time.