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| Exchange Disseminated Time 05/01/2017 17:41:25 | Parag Milk Foods Ltd has informed BSE that Sales Tax Authorities had pursuant to Section 64 of Maharashtra Value Added Tax Act, 2002, conducted an inspection at the offices of M/s. Parag Milk Foods Limited (“the Company”) at the Registered Office at Pune, at Company's Plant at Manchar and the Corporate Office at Nariman Point Mumbai, which is concluded on January 05, 2017.
The Sales Tax Authorities have conducted inspection starting financial year 2012-2013 and identified some transactions in relation to the consignment agents which were made by the Company for interstate transfer of goods and the Company has agreed to reclassify the said transactions of goods as local sales.
The Company have provided the fullest co-operation to the authorities to complete the enquiry and provided the information sought by them. The Company has filed revised VAT returns and agreed to pay the additional tax liability on account of reclassification.
There is no implication on the continued operations of the Company as a result of this visit. |
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