Alkem Laboratories Limited has informed the Exchange about favourable Order-in-Appeal passed by statutory authority under the Goods and Services Tax Act, 2017
ALKEM · price
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Alkem Laboratories has received a favourable Order-in-Appeal from the Commissioner (Appeals)-II CGST & C.Ex, Mumbai. The order has dropped a GST demand of Rs. 69.66 crore along with applicable interest and penalty of equal amount. The original dispute related to alleged incorrect availment of Input Tax Credit (ITC) and GST refund. The company clarified that the delay in the matter was inadvertent and not intentional. The company states there is no material impact on its financial, operations, or other activities.
Positive development for shareholders as a significant tax liability of approximately Rs. 139 crore (demand plus matching penalty) has been eliminated, removing uncertainty around the company's financials.