Dr Reddy's Labs receives Rs 74.22 crore tax demand from GST authority
Dr. Reddy's Laboratories Ltd has disclosed receiving a tax demand with penalties totaling over Rs 74.22 crore from the GST authority for allegedly wrongly availing input tax credit. The demand, inclusive of interest and penalty, was issued by the Additional Commissioner of Central Tax, Hyderabad GST Commissionerate.
The authority's order alleges that Dr. Reddy's wrongly availed input tax credit or failed to reverse it under the provisions of the CGST/TGST/IGST Act, 2017. The tax amount in question is Rs 67,47,37,495, with interest to be calculated at applicable rates on the tax demand. The penalty amounts to Rs 6,74,73,752.
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