Sapphire Foods Discloses ₹1.01 Million GST Demand Order from Chhattisgarh

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26 Aug, 2025 12:21

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Sapphire Foods India Limited has announced the receipt of a demand order from the Superintendent, Central GST and Central Excise, Vertical – III (Adjudication), Division 1, Raipur, Chhattisgarh. The disclosure, made on September 11, 2025, complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The demand order, received on September 10, 2025, pertains to alleged excess availment of Input Tax Credit (ITC) and incorrect utilization of ITC against GST liability on outward supply, along with delayed payment of reverse charge payments. The demand notice amounts to ₹1.01 million under Section 74 (1) of the CGST Act 2017 vide DRC-07 for the period April 2018 to March 2019.

Sapphire Foods is evaluating the order and plans to take necessary steps to respond, including challenging it at relevant forums. The company does not anticipate any material impact on its financial or operational activities due to this order.

The company confirmed that the amount involved in this litigation is below the threshold limit prescribed for disclosure under the SEBI LODR Regulations. This disclosure was made considering the aggregate/cumulative amount involved in all such related matters having similar questions of law and/or factual matrix, which may breach the threshold limit as prescribed under the SEBI LODR Regulations.

Sapphire Foods India Limited, CIN: L55204MH2009PLC197005, is listed on the National Stock Exchange of India Limited (NSE) under the symbol SAPPHIRE and on the BSE Limited under the scrip code 543397.

Sapphire Foods is currently evaluating the order and plans to take necessary steps to respond, including challenging the order at relevant forums.