United Spirits Ltd on Tuesday said the Excise and Taxation Authority has served it a VAT demand notice of Rs 29.69 crore after disallowing the benefit of credit notes claimed in the financial year 2020-2021.
Interest also included in the notice
The company has received VAT assessment order from the Excise and Taxation Officer-cum-Assessment Authority, Ward-1, Palwal, Haryana for the financial year 2020-2021. United Spirits told the stock market that a VAT demand of Rs 29.69 crore along with interest of Rs 13.47 crore has been made from it. The company informed that the department has rejected the benefit of credit notes claimed in the return. The company will file an appeal against this assessment order before higher authorities.
United Spirits
United Spirits is run by Diageo India in India. The company has a portfolio of more than 50 brands. The company includes popular brands in India like Johnny Werlaker, Godawan, McDowell’s, Royal Challenger Whiskey, Epitome Reserve, Singleton, Talisker, Signature, Black & White.
Talking about profit, the company’s income in the December quarter was Rs 3,002 crore. During this period the company had registered a profit of Rs 350 crore. At the same time, in the financial year 2022-23, the company’s income was Rs 10,612 crore and during this period the company had registered a profit of Rs 1,126 crore.
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