Indoco Remedies Limited has informed the Exchange about Drop of Proceedings under GST Act.
INDOCO · price
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Indoco Remedies has informed exchanges that GST proceedings against it have been dropped by the Office of the Deputy Commissioner of State Tax, Mumbai, via an order dated 9th June 2025. This relates to a notice received on 7th February 2025 in Form GST ASMT-10, which had raised issues like excess claim of Input Tax Credit (ITC). The notice had put forth a potential tax demand of Rs. 849.80 Lakhs (approximately Rs. 8.5 crores). The company had already replied to the notice, and the tax authority has now dropped the proceedings entirely. The company states there is no impact on its financial or operational activities.
Positive for shareholders — a potential tax liability of about Rs. 8.5 crores has been fully withdrawn, removing a key overhang on the stock and confirming no financial hit from this matter.