The Company has enclosed herewith intimation under regulation 30 regarding order received from Central Goods and Service Act,2017
IPCALAB · price
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Awaiting price reaction for this filing.
Ipca Laboratories has received an Order in Original (OIO) from the Superintendent of CGST & CX, Jorethang Range under Section 74 of the Central Goods and Service Tax Act, 2017, covering financial years 2019-20 to 2021-22. The order upholds a tax demand of Rs. 8,81,224 along with applicable interest under Section 50 and a penalty of an equal amount of Rs. 8,81,224. The allegation relates to Input Tax Credit (ITC) availed and utilized allegedly in contravention of Section 16(4) or 17(5) of the CGST Act. The total monetary exposure including tax, interest, and penalty is approximately Rs. 17.6 lakhs. The company has stated that this demand will have no material impact on its financials, operations, or other activities, and plans to file an appeal within the prescribed timelines.
The financial impact is negligible given the relatively small demand amount (under Rs. 18 lakhs total) compared to IPCA's scale, and the company has already indicated it will contest the order. Shareholders are unlikely to see any meaningful effect on stock price or business operations.