Zydus Lifesciences gets Rs 1.61 crore GST demand for FY 2017-18

Ahmedabad: Zydus Lifesciences Limited has received a Demand Order-In-Original ("O-I-O") of Rs 1.61 crore from the Assistant Commissioner, Division Dehradun, Sector-7, Uttarakhand for the financial year 2017-18 on the issue pertaining to ITC carried forward through TRAN-1.

The demand is raised against alleged ITC carried forward through TRAN-1 during the financial year 2017-18. The Company has not received any notice or show cause notice on which demand has been issued.

"The Company intends to challenge the order by filing an appeal against the said order. There is no material financial impact on the Company," Zydus informed in a BSE filing.

Medical Dialogues team has recently reported that Drug major Cipla Limited has disclosed that the Office of the Principal Commissioner of Central Goods & Services Tax (GST) and Central Excise in Lucknow has imposed a penalty of Rs 53,09,449 on the company.

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Zydus Lifesciences Ltd. is an innovative, global life sciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies. Zydus has been actively discovering and developing New Chemical Entities (NCEs) novel biologicals, several biosimilars and vaccines as a part of its innovation pipeline. Over the last decade, Zydus has introduced several products in the market for treating unmet healthcare needs with vaccines, therapeutics, biologicals and biosimilars

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