Shree Renuka Sugars Limited has received a penalty order dated 15th January 2025 from the Commissioner of GST & Excise, Belagavi, Karnataka under Section 74 of CGST Act 2017, according to the Company’s exchange filing.
The GST order imposed a penalty of ₹ 24.32 Crore for alleged non-payment of GST on Ethanol (ENA) sold by the Company.
The matter relates to the period of FY 2017-18 to 2020-21.
The Company is likely to file a writ petition before the High Court of Karnataka for redressal. “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 said in the exchange filing.
The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
