Fortis Healthcare Limited has informed the Exchange about the receipt of GST order by Fortis Health Management Limited (Wholly owned subsidiary of Fortis Healthcare Limited)
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Fortis Healthcare's wholly-owned subsidiary, Fortis Health Management Limited, received a GST order from the State Tax Officer (Intelligence Division) in Chengalpattu, Tamil Nadu, for FY 2023-24. The authority confirmed a total demand of INR 597.93 lakhs, which includes interest of INR 79.29 lakhs and penalty of INR 259.32 lakhs. The dispute centres on the denial of GST exemption claimed on healthcare services. Originally, a show cause notice of INR 570 lakhs (including penalty of INR 285 lakhs) was issued, but part of the demand was dropped after the subsidiary's response. The company has stated it considers the demand not maintainable and is in the process of filing an appeal against the order.
The demand of roughly INR 6 crores is small relative to Fortis Healthcare's overall scale, and the company expects no material impact on its financials, operations, or activities. Shareholders should note the appeal is pending; an adverse ruling in the appellate stage could create a minor one-time hit, but for now the impact appears limited.