GST Department Penalises Shree Renuka Sugars for Wrongful Availment of ITC:

GST Department Penalises Shree Renuka Sugars for Wrongful Availment of ITC Shree Renuka Sugars Limited has disclosed to the stock exchange that it has received a penalty order dated March 18, 2026, passed by the Office of the Assistant Commissioner of State Tax Unit-103, Gandhidham. The order has been issued under Section 74 of the CGST Act, 2017 (Act), and has levied a penalty amounting to Rs 3.20 crore on the company on account of alleged wrongful availment of Input Tax Credit (ITC).

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The company had received the order on March 20, 2026. The company believes that it has strong merits in the case and will soon file an appeal challenging the same before an appropriate appellant authority. The company has clarified that the present action does not have any impact on its financial, operational, or other business activities, and the impact will be limited to the extent of the aforesaid penalty amount only. The company is presently reviewing the order in depth and is thinking about the possible judicial remedies in the present case.

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The company has made the aforementioned disclosure via a regulatory filing dated March 23, 2026, addressed to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), in pursuance of Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).