Britannia Industries has provided an update regarding a tax demand and penalty imposed concerning the Financial Year 2023-24. The total demand, inclusive of taxes, interest, and penalty, amounts to approximately ₹4,24,80,000. The company contests the order, believing the demand for non-payment of tax due to incorrect classification is unwarranted. Britannia intends to appeal the order, asserting that the financial impact is not material to its operations.
Disclosure on Tax Proceedings
Britannia Industries Limited has issued a formal disclosure regarding an order received concerning the financial year FY 2023-24. This order pertains to the alleged non-payment of tax due to incorrect classification of goods supplied. The communication was received by the Company via email on Monday, 2nd March, 2026, at 11:14 A.M. IST.
Demand and Penalty Details
The aggregated demand issued under the relevant statute includes taxes, interest, and penalty, totaling approximately ₹4,24,80,000, inclusive of ₹20,000/- in applicable interest. The Company firmly contests the findings outlined in the order. Management believes that the classification adopted was appropriate and that the penalty imposed is unwarranted.
Company Outlook and Appeal Strategy
The Board and management are of the opinion that this demand will not have a significant impact on the financials, operations, or other activities of the Company, as the amount is considered not material in the context of overall operations. The Company plans to appeal the order immediately and will pursue all necessary legal remedies available under the relevant law to contest the demand.
Source: BSE
