Sula Vineyards Limited has informed the Exchange about Action(s) initiated or orders passed
SULA · price
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Awaiting price reaction for this filing.
Sula Vineyards' wholly-owned subsidiary Artisan Spirits Private Limited (ASPL) received a tax assessment order under the Central Sales Tax Act, 1956 from the Assistant Commissioner of State Tax, Nashik on 4th April 2025, for financial year 2020-21. The total demand raised is approximately ₹21.46 crore, broken into tax on denied H-form benefits (₹9.70 crore), interest (₹9.27 crore), penalty (₹2.44 crore), and a small C-form non-submission charge (₹5.6 lakh). The department disallowed H-form export benefits because the buyer's shipping bills were not verified on ICEGATE, and flagged a missing C-form. The company has stated it will file an appeal against this order and does not expect any financial impact at this stage.
This is a tax dispute at the subsidiary level that the company plans to contest, with a combined demand of ~₹21.46 crore. Since management expects no financial impact (implying confidence in winning the appeal), the immediate effect on the stock may be limited, but investors should track the appeal outcome closely as an adverse ruling could materially affect earnings.