Sapphire Foods India Limited — Others, 31-01-2025: Action(s) taken or orders passed

Sapphire Foods India Limited has received a demand order from the Additional Commissioner of GST & Central Excise, Chennai, affecting its 17 state GST registrations, totaling approximately ₹112.71 crore, inclusive of tax and penalty. This pertains to issues from July 2017 to March 2022, including output tax and input tax credit reversals related to promotional expenses. The company asserts that the claim is not maintainable and anticipates no material impact on its financials or operations. Investors should remain attentive as the company evaluates its options to challenge the order, which could present a potential risk.