Godfrey Phillips India Limited — Important, 04-02-2025: General Updates

An order has been issued by the Office of the Commissioner of CGST and Central Excise, resulting in a demand for GST payment amounting to ₹70.34 Cr and GST Compensation Cess of ₹12.56 Cr, along with applicable interest. A penalty of ₹82.90 Cr has also been imposed under the Central Goods and Services Tax Act, 2017. The order pertains to allegations of under-valuation of goods, resulting in a short payment of tax. However, the company has stated that this order is not expected to have a material impact on its financials, operations, or other activities. The company is currently considering options for appealing the order.