Godfrey Phillips India Limited has informed the Exchange about Action(s) taken or orders passed under the Central Goods and Services Tax Act, 2017
GODFRYPHLP · price
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Godfrey Phillips India has received an order from the Office of the Commissioner of Central Tax Appeals-I, Delhi under the Central Goods and Services Tax Act, 2017. The order confirms a demand of interest (amount yet to be ascertained) and imposes a penalty of Rs. 1,55,56,092 (approximately Rs. 1.56 crore) on the company. The allegation relates to irregular availment and utilization of Input Tax Credit (ITC) under GST laws. The company received the order on 8th April 2025 and is evaluating its options, including filing an appeal.
The company states the order has no material impact on its financials, operations, or other activities. However, the penalty and additional interest demand, if sustained after appeal, would be a minor financial setback. The outcome of the planned appeal will be worth watching.