Highlights
- Shree Renuka Sugars Limited has been imposed a penalty of ₹ 20,52,130 under the Goods and Services Tax laws for wrongly availing and excessively utilizing Input Tax Credit.
- The penalty was confirmed under Section 74 of the Central Goods and Services Tax Act, 2017, following an audit that identified violations of provisions regarding Input Tax Credit.
- The company intends to file an appeal against the penalty order but stated that it will not have a significant impact on its finances.
Shree Renuka Sugars Limited an order passed under relevant provisions of the GGST Act, 2017 read with CGST Act, 2017 and read with IGST Act, 2017 and SGST Act, 2017, and the Rules framed there under demanding a penalty of ₹ 20, 52,130/-
The Adjudicating Authority proposed a penalty based on GST audit under relevant provisions of the Acts, the said penalty has been confirmed U/s 74 of CGST Act, 2017.
The penalty was on following grounds: 1. Wrongly availed Input Tax Credit in contravention of provisions of Section 16 (2) of the GGST Act 2017; 2. Excess availed and utilized ITC in contravention to the provision of Section 16(2) of the GGST Act, 2017.
The company is likely to file an appeal against the aforesaid order. “No significant impact on the finances of the Company,” Shree Renuka Sugars said in an exchange filing.
The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company has received the order on December 4, 2024.
