Butterfly Gandhimathi Appliances Limited (Butterfly) announced that it has received a demand notice from the West Bengal Goods and Services Tax (GST) authorities. The notice, dated June 10, 2024, pertains to the assessment year 2019-20 and raises a demand of ₹97,553.
Breakdown of the Demand:
The demand notice, issued under Section 73 of the GST Act 2017, arises from a discrepancy identified by the West Bengal GST authorities. According to the notice, Butterfly claimed excess Input Tax Credit (ITC) in its GSTR-3B return (a return summarising tax information) compared to the data reflected in its GSTR-2A return (a return containing details of purchases and ITC received) for the financial year 2019-20.
Butterfly acknowledges that this demand notice has the potential to impact the company’s financials by INR 97,553/-.
Butterfly is currently reviewing the demand notice in detail and evaluating all available options to address this matter. The company will strive to resolve this issue with the West Bengal GST authorities in a timely and compliant manner.
Butterfly Gandhimathi Appliances Limited remains committed to transparency and ethical business practices. The company will continue to keep its stakeholders informed of any material developments related to this matter.
During Q4 FY2024, the Company was honoured with a Certificate of Appreciation for Commitment to Quality by the Bureau of Indian Standards. The regional chain stores revenue continued to grow for 4 consecutive quarters. The company’s core categories revenue was sustained, and its stable market share reflected continuing brand strength. It continued investment in new product launches and increased investment in marketing activities to strengthen the Butterfly brand.
Butterfly Gandhimathi Appliances manufactures LPG Stoves, Mixer Grinders, Table Top Wet Grinders and Stainless Steel and Aluminium Pressure Cookers, amongst others. On June 11, 2024, Butterfly Gandhimathi Appliances shares opened at 744.50 and touched the day high of 758.80 at 12:05 PM.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Jun 11, 2024, 5:33 PM IST
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