Britannia Industries faces INR 36.78m GST demand

Britannia Industries (BSE: BRITANNIA) announced that it has received an order from the Assistant Commissioner of Central GST & Central Excise, Vaishali Division, Dak Bungalow Road, Hajipur, regarding the reversal of ineligible Input Tax Credit (ITC) related to ISD for FY 2017-18. The order quantifies the tax, interest, and penalty at INR 11,33,439, INR 14,10,805, and INR 11,33,439, respectively, totaling INR 36,77,683. The company stated that while the order is time-barred, it is appealable, and Britannia intends to take necessary actions, including exercising available legal remedies under GST law. Britannia Industries also clarified that it anticipates no material impact on its financials or operations because of this order. The disclosure was made under Regulation 30 of the SEBI Listing Regulations.