Gland Pharma Slapped with Rs 3.53 Crore IGST Demand, Penalty, Plans to Challenge Order
Hyderabad: Gland Pharma Limited has informed the stock exchanges that it has received an order from the Customs Authority confirming an Integrated Goods and Services Tax (IGST) demand of Rs 3.53 crore, along with applicable interest and an equivalent penalty for the financial years 2020-21 and 2021-22.
The company stated that it is in the process of filing an appeal before the appropriate appellate authority against the order.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. According to the company, the order was issued by the Principal Commissioner of Customs, Hyderabad, through Order-in-Original No. HYD-CUS-004-COM-26-27 dated July 10, 2026. The order confirms an IGST demand of ₹3,52,93,678, along with applicable interest and an equal penalty of ₹3,52,93,678 under the provisions of the Customs Act, 1962.
Gland Pharma said the Order-in-Original, dated July 10, 2026, was received by the company through Speed Post on July 15, 2026.
The company explained that the order pertains to the alleged availment of IGST benefits amounting to ₹3.53 crore under Notification No. 18/2015-Cus. The total disputed amount comprises the IGST demand of ₹3.53 crore along with applicable interest, in addition to a penalty of an equivalent amount.
Commenting on the matter, Gland Pharma stated that, based on its assessment of the facts and prevailing legal position, it believes the IGST demand and penalties are not justified. The company said it will challenge the order before the appellate authority and maintained that the development is not expected to have any material impact on its financials, operations, or other business activities.
