Sun Pharma served with tax demand of Rs 1.11 crore

Written by Ruchika Sharma Published On 2024-05-01T13:20:43+05:30 | Updated On 1 May 2024 1:20 PM IST

Sun Pharma slapped Rs 76 crore fine by customs authorities

Mumbai: Sun Pharmaceutical Industries has been served with a tax demand of over Rs 1.11 crore by authorities, citing disallowed input tax credit.

As per the recent BSE filing, the company has received an order from the Joint Commissioner, CGST and Central Excise, passed under the GST Act, raising a demand of Rs 1,11,60,156, imposing a penalty of Rs 11,16,016 and interest as applicable.

The reason for the order is disallowed input tax credit on account of inadmissible transitional credit, it added.

"There is no material impact on financial, operation or other activities of the company," the filing stated.

Read also: Sun Pharmaceutical Industries Gets CDSCO Panel Nod to Study FDC of Relugolix, Estradiol, Norethindrone Acetate

Sun Pharma is an Indian multinational pharmaceutical company headquartered in Mumbai, Maharashtra. The company manufactures and markets a large basket of pharmaceutical formulations covering a broad spectrum of chronic and acute therapies. It includes generics, branded generics, specialty, complex or difficult-to-make technology-intensive products, over-the-counter (OTC), antiretrovirals (ARVs), Active Pharmaceutical Ingredients (APIs), and Intermediates.

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Source : with inputs

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751