The demand has been raised via SCN dated 29th November 2024 towards GST liabilities based on the details provided therein for the period from 2020-2021.
In an exchange filing, the company said, "The officer has raised GST demand in respect of outward supplies of 'Papad' product under HSN 21069099 instead of correct classification of the said product under HSN 19059040."
A potential demand in total of Rs 13,76,23,559/-, including penalty, has been put forth, which is subject to the outcome of the matter.
Gopal Snacks is an FMCG company dealing in ethnic snacks, western snacks, and other products. The company offers a wide variety of savory products under its brand ‘Gopal’, including ethnic snacks such as namkeen and gathiya; western snacks such as wafers, extruded snacks, and snack pellets; and fast-moving consumer goods including papad, spices, gram flour or besan, noodles, rusk, and soan papdi.
Gopal Snacks’ standalone net profit rose 6.17% to Rs 28.89 crore on 12.57% increase in total revenue from operations to Rs 402.64 crore in Q2 FY25 over Q2 FY24.
Shares of Gopal Snacks jumped 4.81% to close at Rs 462.10 on Friday, 6 December 2024.