United Breweries Ltd (UBL) introduced on Friday, April 5, that it has acquired a tax demand of over ₹263.70 crore, together with curiosity and penalty from the Maharashtra State Items & Service Tax (GST) Division.
In a regulatory submitting to the inventory exchanges at the moment, the Kingfisher Beer producer mentioned, ‘’The Deputy Commissioner of State Tax, Raigad Division, Maharashtra State GST Division handed an order levying a further tax of ₹1,19,82,34,560, curiosity of ₹1,15,03,04,218 and penalty of ₹28,86,97,379 — totalling to ₹2,63,72,36,156 for FY 2019-20.”
Additionally Learn: United Breweries Q3 FY24 outcomes: Revenue at ₹85.34 crore, Income elevated by 12.28% YoY
UBL mentioned that the tax demand order handed by the GST division is for fiscal 2029-20 (FY20). ‘’Demand can be raised on account of non-submission of declaration kinds for concessional price of tax,” added the liquor maker.
The demand order has been raised on account of levy of 60 per cent CST on debit notes raised by UBL on Telangana State Beverage Company (TSBCL), Karnataka State Beverage Company (KSBCL), Andhra Pradesh State Beverage Company (APBCL) for the reimbursement of state excise duties paid on behalf of State Beverage Companies for the interval April 2019 to March 2020,” mentioned UBL in its change submitting.
UBL added it believes that it “has a powerful case to defend the problem earlier than the related appellate authority and doesn’t anticipate any monetary influence on the corporate apart from a minimal statutory pre-deposit that’s required to be made on the time of admission of the enchantment”.
Moreover, this isn’t the primary occasion the place UBL has confronted such an order from tax authorities. The liquor firm recalled an identical scenario for the monetary 12 months 2018-19 when a requirement of ₹275 crore was raised in opposition to it. Forward of the tax demand order, shares of UBL settled 1.50 per cent larger at ₹1,807.55 apiece on the BSE.
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Revealed: 05 Apr 2024, 09:44 PM IST
Supply: Live Mint