Sadhna Broadcast Receives GST Demand and Penalty Order of Over ₹19 Crore

Team Finance Saathi

04/Dec/2024

What's covered under the Article:

Sadhna Broadcast faces a GST demand of ₹9.59 crore along with an equal penalty.
The demand is due to CENVAT credit violation for the financial year 2020-21.
The financial impact of the penalty is ₹19.17 crore, with no material impact on operations.

Sadhna Broadcast Limited has received a significant GST demand and penalty order from the Principal Commissioner, CGST, Delhi North. The order, dated November 19, 2024, pertains to CENVAT credit wrongly availed by the company, amounting to Rs. 9,58,96,469. Alongside the demand for the wrongly availed credit, the company has also been penalized an equal amount, bringing the total financial implication to Rs. 19,18,92,938.

The details of the violation include disallowing the CENVAT credit under the provisions of the CENVAT Credit Rules, 2004, which was deemed to have been wrongly availed in violation of various sections of the CGST Act, 2017.

While this has a significant financial impact on the company, with the penalty and demand amount totaling Rs. 19.18 crore, it remains to be seen how this will affect the company’s operational and financial strategies moving forward. There are no immediate updates on whether the company intends to appeal the order.

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This disclosure is in line with SEBI (Listing Obligations and Disclosure Requirements) Regulations, and Sadhna Broadcast has submitted the details to the BSE Limited and Metropolitan Stock Exchange for record-keeping.

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Sadhna Broadcast Receives GST Demand and Penalty Order of Over ₹19 Crore

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