Godavari Biorefineries Faces GST Demand Notice Over ENA Supply
Godavari Biorerefineries Limited has received a Show Cause Notice from the Assistant Commissioner of Central GST, Audit, Belgavi, Karnataka, concerning the non-payment of Goods and Services Tax (GST) on the supply of Ethanol (ENA).The notice pertains to the period spanning 2021-22 through October 2024. The dispute arose because the company supplied ENA to the Karnataka State Beverages Corporation Ltd. (KSBCL), intended for further manufacture of Alcoholic liquor fit for human consumption, without remitting GST as required under Section 74(1) of the CGST/SGST Act, 2017. The investigation noted that Godavari Biorefineries had listed the supply as an 'exempted supply' in its sale register and GST Returns.
The total GST demand amounting to approximately Rs. 17,02,29,150 has been issued by the authority. This amount is split between CGST at Rs. 8,51,14,575/- and SGST at Rs. 8,51,14,575/-.
Godavari Biorefineries Limited stated that it is currently evaluating the material impact of this notice on its financial and operational activities. The company confirmed that appropriate legal steps will be taken regarding the matter, including filing a reply or appeal as advised by management.
GODAVARIB Stock Price Movement
On Friday, shares of Godavari Biorefineries Limited slipped by 0.81% to close at ₹244.25. The stock saw total trading volume reaching 102,224 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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