Fortis Healthcare Limited has informed the Exchange about receipt of GST orders as per attached disclosure.
FORTIS · price
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Awaiting price reaction for this filing.
Fortis Healthcare has received GST orders from the State Tax Officer (Intelligence Division), Chengalpattu, Tamil Nadu, covering three financial years (2020-21, 2021-22, and 2022-23). The tax authority confirmed demands of INR 478.08 lakhs, INR 850.00 lakhs, and INR 811.53 lakhs respectively, including interest and penalty, totaling approximately INR 21.4 crores. These orders were passed after the company responded to earlier show cause notices, and the balance amounts from those notices have been dropped. The company is required to disclose this under SEBI Listing Regulations.
The confirmed GST demand of about INR 21.4 crores (including interest and penalty) is a modest financial hit relative to Fortis Healthcare's size, but it will impact short-term profitability and cash flows if paid. The company may appeal these orders, and the stock is unlikely to react significantly barring further developments.