Godfrey Phillips India Limited Faces ₹166 Crore GST Order. The order was issued due to the alleged undervaluation of goods, leading to a shortfall in tax payments. The company has mentioned that this order will not have a major effect on its financial situation.
Godfrey Phillips India Ltd received an official order from the Office of the Commissioner of CGST and Central Excise, Belapur, Navi Mumbai. The order was issued under the Central Goods and Services Tax Act, 2017 and related regulations, citing concerns over alleged tax discrepancies.
The tax authorities have raised concerns regarding the undervaluation of goods supplied by the company, which reportedly led to a shortfall in tax payments. As a result, the company has been directed to pay a total of ₹166 Crore.
Despite the significant financial implications of the order, the company has clarified that it will not materially affect its overall financial performance or business operations. Godfrey Phillips India Limited is currently assessing its legal options including the possibility of filing an appeal against the order. The company remains committed to complying with all regulatory requirements and ensuring that the matter is addressed appropriately.
Godfrey Phillips India Ltd., part of Modi Enterprises, is a leading cigarette manufacturer in India. Originally founded in London, it has expanded beyond tobacco to include tea, pan masala and confectionery. GPI produces popular cigarette brands like Four Square and Red and White and manufactures Marlboro in India under a license with Philip Morris International. With a strong presence in northern and western India, it is now expanding into other regions.
As of February 05, 2025, at 10:15 AM, the shares are trading at ₹4,694.90 per share, down 0.62% from yesterday’s closing price. Over the last month, the stock has fallen by 4.49% and over the last year, it has declined by 6.76%. The stock has a 52-week high and 52-week low of ₹8,480 per share and ₹2,285 per share respectively.
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Published on: Feb 5, 2025, 2:29 PM IST
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