Sapphire Foods India Limited has informed the Exchange about Action(s) taken or orders passed
SAPPHIRE · price
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Sapphire Foods India Limited has disclosed receiving two show cause notices from the Assistant Commissioner (ST), Koyambedu Assessment Circle, Chennai. The notices, dated 26th May 2026 under Section 73 of Tamil Nadu SGST Act 2017, cover periods April 2022 to March 2023 and April 2023 to March 2024. The tax authorities have alleged that the company availed excess input tax credit compared with GSTR-2B records and issued a cumulative demand notice of INR 977.06 million. The company has stated that the claim is not maintainable and there is no material impact on its financial or operational activities. The company is evaluating the notices and will respond appropriately.
While the demand amount of INR 977.06 million is significant, the company has dismissed the claim as not maintainable and expects no material impact. The matter remains a tax dispute at the show cause stage and has not resulted in any penalty or confirmed violation yet. Shareholders should monitor for further developments and the company's response to the notices.