Sapphire Foods India Limited has informed the Exchange about Action(s) taken or orders passed
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Sapphire Foods India has informed exchanges that its appeal before the Joint Commissioner of Commercial Tax (Appeals), Bengaluru, was dismissed on 30th June 2025. The order, under Section 107(11) of the CGST Act, confirms a total demand of INR 30.74 million for FY 2019-20, comprising tax of INR 17.38 million, interest of INR 11.62 million, and penalty of INR 1.74 million. The original disallowance relates to the company's claim of utilizing eligible input tax credit post 14th November 2017. The company has stated that the financial impact is not material and that it is evaluating options to challenge the order at higher forums. The note also flags that the cumulative amount from similar matters may cross SEBI's prescribed disclosure threshold.
This is a minor tax setback for shareholders — the INR 30.74 million demand is small relative to Sapphire's overall scale, but it does represent a loss at the appellate stage. Investors should watch for further legal action and any aggregation with similar cases that could escalate the financial impact.