Announcement under Regulation 30 of The SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
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Awaiting price reaction for this filing.
JK Agri Genetics has received three GST orders dated 23 July 2025 from the Asst. Commissioner (ST), Hyderabad, alleging non-payment of GST on freight outwards under Reverse Charge Mechanism (RCM) and on discarded materials and process losses for three financial years. The total demand across all three years is Rs 4.84 crore, comprising Rs 4.40 crore in tax and Rs 44 lakh in penalty (FY21-22: Rs 1.79 cr, FY22-23: Rs 1.74 cr, FY23-24: Rs 1.31 cr). The company contends its seed products sold to farmers are exempt under GST notifications 12/2017 and 2/2017, and therefore no GST on freight or discarded/process-loss materials is payable. Based on legal counsel advice, the company considers its case strong and plans to file an appeal with higher authorities within the prescribed timeline.
Short-term overhang from the Rs 4.84 crore demand, but the company expects no material impact on its financials, operations, or other activities as it intends to contest the orders. Investors should monitor the appeal outcome, as an adverse ruling could affect earnings, though the company's confidence suggests limited probability of a meaningful hit.