Shree Renuka Sugars Limited has informed the Exchange about Action(s) taken or orders passed - This is to inform you that the Companyon 7th June 2025 has received two orders from the Assistant Commissioner of CGST & Central Excise,Belagavi City Division, Belagavi under Section 74 of the CGST Act, 2017 ( Act ).
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Shree Renuka Sugars received two penalty orders on 7th June 2025 from the Assistant Commissioner of CGST & Central Excise, Belagavi under Section 74 of the CGST Act, 2017. The orders impose a total tax, interest, and penalty of Rs. 1,52,27,920 (about Rs. 1.52 crore) for issues related to short reversal of input tax credit, non-reversal of input tax credit, excess availment of input tax credit, and availment of restricted credit. The company has stated it will file an appeal before the appellate authority within the prescribed timelines. The company has clarified that there is no impact on its financial position, operations, or other activities due to these orders.
The penalty amount of around Rs. 1.52 crore is relatively small for a company of this size, and the management says it will not affect operations or financials. However, the final financial impact will depend on the outcome of the appeal currently being filed.