Popular chocolate cream Bourbon sandwich biscuit maker Britannia Industries Limited has been fined a cumulative GST penalty of ₹2.53 crore.
In an exchange filing, Britannia clarified that "there is no material impact on the financials, operations, or other activities of the company on account of this order," and further stated that necessary actions, including exercising legal remedies available under the GST law, will be taken.
The GST authority disallowed transactional credits and passed tax demand orders for interest and penalty amounts of ₹67,40,606, ₹1,18,87,105, and ₹67,40,606, respectively, totaling ₹2,53,68,317, against the bakery and dairy marketing and manufacturing giant.
Britannia Industries Ltd's product portfolio includes bakery items such as biscuits, bread, croissants, cakes, wafers, and rusk, as well as dairy products, including milk, butter, cheese, milk-based ready-to-drink beverages, and yogurt.
