Shree Renuka Sugars Receives GST Penalty Order for violation of ITC Provisions:

Shree Renuka Sugars Receives GST Penalty Order for violation of ITC Provisions Shree Renuka Sugars Limited, one of the largest exporters of refined sugar from India, has received two penalty orders from the Central Goods and Services Tax (CGST) Department on June 7, 2025, from the Assistant Commissioner of CGST & Central Excise, Belagavi City Division, Belagavi under Section 74 of the CGST Act, 2017.

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The company has issued a regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to inform the National Stock Exchange of India Limited (NSE) and BSE Limited (Bombay Stock Exchange) about the penalty orders. The CGST Department claims that the company has violated some provisions of the Act and rules. According to the department, the order was issued to the company due to:

• Short reversal of input tax credit (ITC),
• Non-reversal of ITC,
• Claiming more ITC than allowed,
• Claiming blocked credit.

Because of these issues, the tax authority has demanded the company to pay a total of around Rs. 1,52,27,920. This amount includes tax, interest, and penalties. The company is planning to challenge the orders by filing an appeal to the appellate authority within the specified period. The company has informed that the above orders will not affect its operations.