Shree Renuka Sugars gets Rs.24.32 Crore GST Penalty for Ethanol Sales

Shree Renuka Sugars Limited received a penalty order from the Commissioner of GST and Excise, Belagavi, Karnataka under Section 74 of the CGST Act 2017.

Penalty for non-payment of GST on Ethanol Sales

Reetu | Jan 17, 2025 |

Shree Renuka Sugars gets Rs.24.32 Crore GST Penalty for Ethanol Sales

Shree Renuka Sugars gets Rs.24.32 Crore GST Penalty for Ethanol Sales

Shree Renuka Sugars Limited received a penalty order from the Commissioner of GST and Excise, Belagavi, Karnataka under Section 74 of the CGST Act 2017 on January 15, 2025, according to the Company’s exchange filing.

The GST order levied a Rs.24.32 crore penalty for alleged non-payment of GST on Ethanol (ENA) sold by the Company.

The matter relates to the financial years 2017-18 to 2020-21.

The Company is likely to file a writ petition before the High Court of Karnataka seeking redress. “As recommended by the GST Council, the Government of India has already issued a notification exempting the disputed goods from the purview of the GST Act,” Shree Renuka Sugars stated in its exchange filing.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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Reetu
Name: Reetu
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Location: Delhi, India
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Reetu is a Content Writer with 3+ years of experience in GST, Income Tax, Finance, Company Law, Education and Career Related Content. She is a B.COM(Honrs.) Graduate.

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