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Britannia Industries Ltd ( (IN:BRITANNIA) ) has provided an update.
Britannia Industries has disclosed that it received an order from the Joint Commissioner of CGST & Central Excise, Thane, determining tax and penalty liabilities under Section 74 of the Central GST Act for financial years 2020-21 to 2023-24. The order alleges non-payment of GST due to incorrect classification of goods and quantifies tax of Rs 2.12 crore and penalty of Rs 4.25 crore, bringing the total demand to about Rs 6.37 crore plus applicable interest.
The company has stated that the order will not have a material impact on its financials, operations or other activities, signaling that the exposure is manageable relative to its scale. Britannia intends to challenge the decision and pursue available legal remedies under GST law, a step that may defer any cash outflow and underscores the ongoing classification and compliance frictions affecting large consumer companies under India’s indirect tax regime.
More about Britannia Industries Ltd
Britannia Industries Ltd is a leading Indian food company best known for its biscuits, dairy products, and packaged foods sold across mass and premium segments. It operates in the fast-moving consumer goods sector with a strong presence in domestic retail channels and a significant focus on branded, value-added food products for a broad consumer base.
Average Trading Volume: 13,353
Technical Sentiment Signal: Strong Buy
Current Market Cap: 1443.8B INR
Learn more about BRITANNIA stock on TipRanks’ Stock Analysis page.