Heritage Foods Secures GST Relief; Fitch Confirms UPL Ratings Stability

Heritage Foods Limited received a significant boost after the appellate authority set aside an earlier order regarding the GST classification of flavoured milk. The ruling, delivered by the Additional Commissioner (Appeals), Mysuru, confirms that flavoured milk falls under the 5% GST category, aligning with the Supreme Court’s earlier judgment. This decision entitles Heritage Foods to refunds of IGST, CGST, and SGST previously paid under protest, amounting to over ₹50 lakh. The clarity on tax treatment is expected to strengthen the company’s financial position and operational confidence.  

 

In parallel, Fitch Ratings announced that UPL Corporation’s credit ratings remain stable despite its proposed reorganisation. The agency emphasized that the restructuring will not materially impact UPL’s financial profile, ensuring that its debt servicing capacity and investor outlook remain intact. This affirmation underscores UPL’s resilience in maintaining strong fundamentals amid corporate restructuring.  

 

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Sources: Tax Guru, FilingReader Intelligence, InvestyWise, Fitch Ratings