Shree Renuka Sugars receives ₹1.52 Cr tax penalty orders

Shree Renuka Sugars Ltd has received two penalty orders totaling ₹1.52 crore from the Assistant Commissioner of CGST & Central Excise, Belagavi. The first order imposes a penalty of ₹10.53 lakh for alleged non-reversal of Input Tax Credit (ITC) on damaged goods. The second order levies a tax demand and equal penalty of ₹1.42 crore for alleged excess ITC on blocked credit, both pertaining to FY 2018-2022. The company believes it has strong merits, has filed appeals, and anticipates no material impact on its financial or operational activities beyond the final penalty amount.