Guiltfree Industries Limited, a fast-moving consumer goods (FMCG) company with a focus on food, and a part of the RPSG Group led by Sanjiv Goenka, disclosed on Sunday that it has received a GST demand notice totaling INR 39.14 crore. The company informed the stock exchanges that this show-cause cum demand notice was issued by the Kolkata zone office and encompasses both interest and penalty charges.
The company received the tax notice due to allegations of product misclassification.
The company has stated that it is in the process of preparing a suitable response to address the concerns outlined in the show-cause cum demand notice.
Guiltfree, a subsidiary of the RPSG Group, entered the fast-moving consumer goods (FMCG) sector during the 2017-18 fiscal year, with a primary emphasis on Western snack products.
In a strategic maneuver, Guiltfree Industries Ltd has now entered the highly competitive Indian ethnic snacks market.