Shree Renuka Sugars Limited — Others, 16-01-2025: Action(s) taken or orders passed

Shree Renuka Sugars Limited has received a penalty order of ₹24.32 crore from the Commissioner of GST & Excise in Belagavi for alleged non-payment of GST on ethanol sold during FY 2017-18 to 2020-21. The company believes it has strong grounds for contesting this order, given that the Government of India has exempted the disputed goods from GST. Consequently, there is no immediate financial impact anticipated. This situation may foster a positive outlook among investors, as the company appears to be proactively addressing the issue through legal avenues, potentially mitigating future risks.