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Shares of Godfrey Phillips India Ltd ended at ₹4,714.80, down by ₹117.10, or 2.42% on the BSE.
Cigarette maker Godfrey Phillips India Ltd on Tuesday (February 4) said it has received a Goods and Services Tax (GST) demand order totalling ₹166 crore from the Office of the Commissioner of CGST and Central Excise, Belapur, Navi Mumbai.
The order includes a confirmed GST demand of ₹70.34 crore, a GST Compensation Cess of ₹12.56 crore (with applicable interest to be calculated), and a penalty of ₹82.90 crore under the CGST Act, 2017, along with relevant provisions of the Maharashtra GST Act, 2017, and the GST (Compensation) Act, 2017.
"Order passed confirming demand of GST of Rs. 70,33,94,442/- and GST Compensation Cess of Rs. 12,56,06,150/- with applicable interest (amount to be calculated) and imposing a penalty of Rs.82,90,00,592/- under the Central Goods and Services Tax Act, 2017 read with the relevant provisions of the Maharashtra GST Act, 2017 and the GST (Compensation) Act, 2017," according to a stock exchange filing.
The order, received on February 4, 2025, pertains to an alleged undervaluation of the supply of goods, leading to a short payment of taxes under GST regulations. However, the company stated that the order does not have a material impact on its financials, operations, or other activities. Godfrey Phillips is currently evaluating all options, including filing an appeal against the order.
Shares of Godfrey Phillips India Ltd ended at ₹4,714.80, down by ₹117.10, or 2.42% on the BSE.
