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.
The Supreme Court of India has dismissed the Special Leave Petition filed by the GST Department of Andhra Pradesh against the High Court's earlier ruling on the HSN classification of Flavoured Milk. With this dismissal, Flavoured Milk is now conclusively classified under HSN code 04029990, attracting 5% GST, instead of the earlier higher rate of 12% under HSN code 22029990. The matter was pending for the period July 1, 2017 to October 31, 2021. As a result, Heritage Foods is entitled to claim a GST refund of Rs. 453.44 Lakhs (paid under protest), comprising IGST of Rs. 17.05 Lakhs, CGST of Rs. 218.20 Lakhs, and SGST of Rs. 218.20 Lakhs. The company has already updated its tariff classification in line with the court order. No penalty or non-compliance was flagged by the authority.
Positive for shareholders — a favourable final court order resolves a long-pending tax classification dispute and unlocks a Rs. 453.44 Lakhs refund for Heritage Foods. The 5% GST classification also improves pricing clarity for the company's flavoured milk business going forward.