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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Awaiting price reaction for this filing.
Heritage Foods has received a GST refund rejection order dated May 2, 2025, from the Assistant Commissioner of CGST, Poonamalle Division (Tamil Nadu). The order rejects a refund claim of Rs. 77,94,910 related to differential GST paid on flavoured milk, which the company had filed following a favorable order from the Andhra Pradesh High Court dated January 29, 2025. The Tamil Nadu authority stated that the AP High Court judgment does not squarely apply in Tamil Nadu. The company has stated there is no material impact on its financials, operations, or other activities, and that it plans to file an appeal before the appropriate appellate authority, citing strong merit backed by recent High Court judgments and Commissioner Appeals-II CGST orders in Hyderabad.
The financial impact is negligible — Rs. 77.95 lakh is a small amount relative to Heritage Foods' overall scale, and the company is contesting the order. Shareholders are unlikely to see meaningful stock price movement, though an adverse final ruling could set a precedent for similar GST claims across states.