“This is with reference to latest media reports published by a select section of media mentioning about a purported CAG report and alleged underpayment of excise duty.
In this regard, we wish to submit that Radico Khaitan has complied with all legal requirements including revenue laws of the country. We have not received any notice of any irregularity in the matter,” the company said in a filing to stock exchanges.
The company further said that it found “lack of accuracy in the information presented in these media articles.”
CAG had pointed out at alleged underpayment of excise duty worth Rs 1,078.09 crore including taxes to the Uttar Pradesh government by Radico Khaitan Ltd.
Radico Khaitan is the manufacturer of 8 PM whisky and Magic Moments Vodka.
According to the CAG report, “the assistant excise commissioner, Radico Khaitan Limited, Rampur failed to monitor consumption of input excise material shown in excise records vis-a-vis returns filed in Income Tax Department resulted in not detecting understatement of consumption of input excise material involving excise revenue of Rs 1,078.09 crore (including interest of Rs 482.34 crore) during the period 2013-14 to 2019-20.”
–IANS
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