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 the Commissioner of CGST & Central Excise, Thane, 3rd & 5th Floor, Accel House, Road No. 22, Wagle Industrial Estate, Thane 400604.
BRITANNIA · price
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Britannia Industries has received an order from the Joint Commissioner of CGST & Central Excise, Thane, under Section 74 of the Central GST Act, 2017. The order relates to financial years 2020-21 to 2023-24 and alleges non-payment of tax due to incorrect classification of goods supplied. The total demand is Rs. 6.37 crore, comprising Rs. 2.12 crore in tax and Rs. 4.25 crore in penalty, plus applicable interest. The company has stated there is no material impact on its financials or operations and that the order is appealable.
The demand of Rs. 6.37 crore is small relative to Britannia's overall financial scale and the company expects no material impact. The stock is unlikely to react significantly, though the company will pursue legal remedies, and any adverse appeal outcome could marginally affect earnings in the future.