United Spirits gets Rs 29.69 crore VAT demand

New Delhi: United Spirits Ltd on Tuesday said excise and taxation authority has raised a VAT demand of Rs 29.69 crore on it after disallowing the benefit of credit notes claimed in the financial year 2020-2021.

The company has received a VAT assessment order from the Excise and Taxation Officer-cum-Assessing Authority, Ward-I, Palwal, Haryana for FY 2020-2021.

A VAT demand for Rs 29.69 crore, including interest of Rs 13.47 crore, has been raised, United Spirits said in a regulatory filing.

The department has disallowed the benefit of credit notes as claimed in the return and raised a demand on the company, it added.

"This is in line with the prior year's assessment order which the company is already contesting. The company will be filing an appeal before the higher authorities against this assessment order as well," United Spirits said.

Based on its risk-assessment process, the company said, "it believes it has a good case and does not expect any material financial implication".