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Sula Vineyards get Excise notice

by Koushik Gope
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Sula Vineyards Limited has received an order dated 6th December 2023 (“Order”), passed by the Assistant Commissioner CGST & Central Excise.

Sr. No.ParticularsRemarks
1.Name of the authorityAssistant Commissioner CGST & Central Excise, Nashik I Division
2.Details of the violation(s) / contravention(s) committed or alleged to be committedPursuant to our GST Audit initiated in Aug-2022 and concluded in Oct-2022 for the Year 2017-18, 2018-19 & 2019-20, an Audit observation was raised by the Department for GST on various fees paid to the State Govt under Reverse Charge Mechanism. Response disagreeing with the audit observation was filed on 29th October, 2022 followed by detailed explanation. We have also received a Drop Proceeding Order received under Folio No.125/DC/NSKI/ADJ/2022-23 dated 08/03/2023, on 12th April, 2023 where the department had accepted the similar contention on similar issue under Service tax regime. Subsequent to this, Show Cause notice dated 3rd August, 2023 was received on 11th August, 2023
3.Nature and details of the action(s) taken, initiated or order(s) passedThe Assistant Commissioner CGST & Central Excise has passed order dated 06.12.2023 received by the Company on 08.12.2023 dropping the proceedings initiated vide Show Cause Notice
4.Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority8th December, 2023
5.Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possibleNo financial implication as the proceedings are dropped

On August 1, 2023, the company got another Excise duty notice worth Rs. 116 crore.

Here are some key points to clarify:

  • Notice type: Excise duty notice, not a GST notice.
  • Date of notice: August 1, 2023
  • Amount: Rs. 116 crore
  • Reason: Interpretation of Maharashtra Manufactured Beer and Wine Rules, 1966

Sula Vineyards share price

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