Outcome of Tax Litigation
UBL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
United Breweries Ltd received a favourable order from the Maharashtra Sales Tax Tribunal, Mumbai, in a Second Appeal. The original tax demand of ₹275 Crores under the Central Sales Tax Act for FY 2018-2019 (raised on March 31, 2023 by the Deputy Commissioner of Sales Tax, Mumbai) has been reduced to NIL after the company successfully defended its position at both the First Appellate Authority level (reducing it to ₹7 Crores in March 2024) and now at the Tribunal level. The financial implication is Nil, with a reduction in Contingent Liability.
Positive development for shareholders as the company eliminates a ₹275 crore tax exposure entirely, strengthening the balance sheet by reducing contingent liabilities.