Aurobindo Pharma Ltd. said on Friday it has received a tax demand of over ₹13 crore, including interest and penalty, from the GST authority over an ineligible input tax credit claim.

Also read: Aurobindo Pharma Q3 net up 17% at ₹836 crore

The Deputy Commissioner (ST) STU-1 of GST, Punjagutta Division, Hyderabad, Commercial Taxes Department, Telangana, has passed an order under relevant provisions of the Central Goods and Services Tax Act, 2017 and the TGST Act, 2017 for FY 2018-19 to this effect.

The order demanded the reversal of ITC and the payment of GST amounting to ₹6,54,50,645 along with interest of ₹5,92,20,900 and a penalty of ₹65,51,354, Aurobindo Pharma said in a regulatory filing.

It claims ineligible ITC and orders reversal of ITC, demanding GST along with interest, the company added.

The company intends to file an appeal before appellate authority, Aurobindo Pharma said, adding there is no material impact on its financials or operations due to the order.

Related Topics
comment COMMENT NOW