GST Department Launches Search, Inspection at Cipla's Maharashtra Facilities
New Delhi: Cipla Limited has informed stock exchanges that the Goods and Services Tax (GST) Department, Maharashtra, has initiated inspection and search proceedings at certain facilities and offices of the company located in Maharashtra.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In a regulatory filing, Cipla stated that the inspection and search proceedings were initiated by the Deputy Commissioner of State Tax, Maharashtra, on the same day. The proceedings commenced at 12:30 hours and are currently ongoing. The company clarified that it is extending full cooperation and assistance to the authorities during the process.
According to the details provided, the action has been initiated under Section 67 of the Maharashtra Goods and Services Tax Act, 2017, covering inspection under sub-section (1) and search under sub-section (2) of the said provision. The inspection and search relate, inter alia, to areas concerning payment of tax, claim of input tax credit, and refund matters, among other aspects.
Cipla further stated that the disclosure has been made in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, which prescribes the format and details required to be disclosed for such regulatory actions.
Importantly, the company has clarified that the initiation of the inspection and search proceedings has no financial impact on Cipla. It also noted that the ongoing action has not impacted the operations of the company in any manner.
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