Indoco Remedies Limited has informed the Exchange about Order for Drop of Proceeding under GST Act, 2017
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Awaiting price reaction for this filing.
Indoco Remedies received an order dated 11th June 2025 from the Office of the Deputy Commissioner of State Tax, Mumbai, dropping the GST proceedings that had been initiated against the company. The original notice, issued on 7th February 2025 under Rule 99(1) in Form GST ASMT-10, related to a difference in the claim of Input Tax Credit (ITC) in returns. A potential tax demand of Rs. 158.00 Lakhs was withdrawn as part of this order. The company had duly replied to the notice and the matter has now been resolved in its favour with no financial or operational impact.
Positive for shareholders — the Rs. 158 lakh potential tax demand has been fully withdrawn, removing a regulatory overhang and confirming no financial liability from this matter.