The Company has received the tax demand along with a penalty of Rs 41,99,465 under the Uttar Pradesh GST Act, 2017
Adani Wilmar, an edible oils company has been penalised Rs 42 lakh by Uttar Pradesh’s goods and service tax (GST) department. The company, in a regulatory filing on Wednesday, informed that it received an order passed by the Deputy Commissioner, CGST and Central Excise Division, Lucknow-I on 4 February.
“The Company has received the tax demand along with a penalty of Rs 41,99,465 under Uttar Pradesh GST Act, 2017 in respect to transitional credit availed in form TRAN-1,” Adani Wilmar stated. It added, “Order passed by the Deputy Commissioner, CGST and Central Excise Division, Lucknow-I, levying penalty of Rs 41,99,465 equivalent to the tax demand under Uttar Pradesh GST Act, 2017.”
As far as the impact of the order is concerned, Adani Wilmar stated that it does not foresee any material impact on the financial, operational or other activities of the Company. The Company is taking appropriate steps to appeal against the said order of imposition of penalty before the appropriate authority, as per the statement of the company.
On the financial performance front, the company marked a healthy improvement in its performance in the recently concluded quarter. The consolidated net profit of the company increased to Rs 410.93 crore in the third quarter of the current fiscal (Q3FY25) as compared to Rs 200.89 crore in the corresponding period of the previous fiscal. The net profit also registered an uptick on a sequential basis as it rose from Rs 311.02 crore in Q2FY25.
