Heritage Foods Limited has informed the Exchange regarding 'Favorable order passed by the Additional Commissioner, Central Tax (Appeals), Mysuru, Karnataka'.
HERITGFOOD · price
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On the reaction day the stock moved 1.5 pts less than Nifty Microcap 250 and 1.4 pts less 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 has won an appeal before the Additional Commissioner, Central Tax (Appeals), Mysuru, Karnataka, regarding the GST classification of its Flavoured Milk product. The appellate authority set aside an earlier adverse order dated December 23, 2024, issued by the Assistant Commissioner, CGST, Bengaluru West. The dispute covered the period from July 1, 2017 to March 31, 2021. As a result, the company is entitled to a GST refund of Rs. 50.26 Lakhs (IGST: Rs. 0.80 Lakhs, CGST: Rs. 24.73 Lakhs, SGST: Rs. 24.73 Lakhs) previously paid under protest. The company is now in the process of filing the refund application, along with interest on the pre-deposit amount. No penalty or restriction has been imposed on the company.
Positive for shareholders — the company avoids a potential GST liability and recovers Rs. 50.26 Lakhs as a refund, though the amount is small relative to overall operations and likely to have a minimal impact on the stock price.