Sula Vineyards Limited has informed the exchanges that it has received a tax assessment order under the Central Sales Tax Act, 1956 for FY23.
The order, issued by the Deputy Commissioner of State Tax, Nashik, on September 25, demands ₹6.45 crore due to the unavailability of F-Forms and C-Forms.
Of the total amount, ₹3.57 crore relates to non-submission of forms, while ₹2.88 crore is interest levied under Section 30.
The company stated that no penalty or sanction has been imposed and it does not foresee any financial impact from this order at this stage.
Sula stated that it intends to seek a correction of this assessment or appeal against it.
On the earnings front, the winemaker reported a 7.9% year-on-year decline in consolidated net revenue for the June quarter, coming in at ₹118.3 crore compared to ₹128.4 crore a year earlier.
Revenue from its own-brand wines declined 10.8% to ₹102.3 crore, as urban consumption remained low and sales were impacted by pre-loading of trade in Maharashtra.
Offsetting some of the weakness, the wine tourism business delivered a strong quarter, with revenue rising 21.8% to ₹13.7 crore.
The company said this growth was driven by a record number of bookings at its resorts, higher guest spending, and an increase in tourist traffic.
The recently opened Samruddhi Highway, which has reduced travel time from Mumbai to Nashik, also contributed to the growth in the sector.
Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked as a reporter, a podcaster and an editor for publications across India.