Aurobindo Pharma receives tax demand of over Rs 13 crore, including interest, penalty
New Delhi: Aurobindo Pharma Ltd has been issued a tax demand exceeding Rs 13 crore by the GST authority. This demand encompasses both interest and penalties and relates to the company's ineligible input tax credit claim.
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 TGST Act 2017 for the FY 2018-19 demanding reversal of ITC and payment of GST amounting to Rs. 6,54,50,645 along with interest of Rs.5,92,20,900/-. A penalty of Rs. 65,51,354.
The Company is intending to file appeal before Appellate Authority, Aurobindo Pharma stated in a BSE filing.
Read also: Aurobindo Pharma appoints T Vijaya Kumar as President - RnD (Specialty Drug Delivery)
There is no material impact on the Company financials or operations due to the said order, the Company further added.
Medical Dialogues team had earlier reported that Sun Pharmaceutical Industries had been served with a tax demand of over Rs 1.11 crore by authorities, citing disallowed input tax credit.
Read also: Sun Pharma served with tax demand of Rs 1.11 crore
