Zydus Wellness subsidiary receives GST demand of Rs 56.33 crore
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Ahmedabad: Zydus Wellness Products Limited, a wholly owned subsidiary of Zydus Wellness, has received a GST demand of Rs 56.33 crores along with applicable interest and penalty from the tax authority.
The intimation alleged that GST was payable in relation to acquisition of intellectual property rights from Heinz Italia S.P.A. by Heinz India Private Limited, now merged with ZWPL.
"Zydus Wellness Products Limited (“ZWPL”), a wholly owned subsidiary company, has received an intimation from The Directorate General of Goods and Services Tax Intelligence, Surat Zonal Unit under section 74(5) of the Central Goods and Services Tax Act, 2017 (“the Act”) alleging GST demand of Rs 56.33 crores along with applicable interest and penalty," the Company stated in a filing.
"ZWPL believes that there is a strong merit in the case and ZWPL is evaluating the next steps based on detailed review of the intimation," the filing added.
The period covered by the order relates to preacquisition period prior to January 30, 2019.
Due to this order, there is no impact on financial, operation or other activities of the Company / ZWPL.
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