Heritage Foods Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
HERITGFOOD · price
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On the reaction day the stock moved 1.8 pts more than Nifty Microcap 250 and 2.2 pts more than its Dairy Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Heritage Foods Limited received a favorable order from the Additional Commissioner (Appeals-1), Hyderabad, which set aside a GST refund rejection order. The dispute related to differential GST of 7% that the company paid under protest on Flavoured Milk supplies in Telangana State from July 1, 2017 to October 31, 2021. As a result of the favorable ruling, the company is now entitled to claim a GST refund totaling Rs. 153.89 Lakhs, comprising IGST of Rs. 5.53 Lakhs, CGST of Rs. 74.18 Lakhs, and SGST of Rs. 74.18 Lakhs. No penalties, restrictions, or sanctions were imposed on the company.
This is a positive development for shareholders, as the company won its tax appeal and will receive a cash refund of about Rs. 1.54 crore. While the amount is not material to the company's overall financials, it removes a pending tax overhang and reinforces that the company's tax position on Flavoured Milk supplies in Telangana has been upheld on appeal.