Heritage Foods Limited — Important, 31-12-2024: Updates

The company received a penalty of ₹50.26 crore from the Assistant Commissioner of Central Goods and Services Tax in Bengaluru for a GST tariff violation related to flavoured milk. This classification issue is currently being challenged by the dairy industry across various legal forums in India. However, Heritage Foods does not anticipate a material impact on its financial or operational activities due to this penalty. It asserts a strong case backed by recent court rulings in its favor and notes that the penalty is not leviable under the GST Amnesty scheme, as it has already voluntarily paid the differential GST amount. The company is in the process of appealing the order.