Announced Wed, 24 Jun · 16:36 IST
Sanofi India: GST refund of INR 11.6 lakh rejected, company to appeal
Regulatory & Legal View source PDF
SANOFI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
-1.2%1-day move
₹3395.00
prior close
₹3416.10
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
-0.6-0.5-0.6-0.4-1.2+0.4+2.2+2.4+0.8+1.6+0.6-0.7——
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AI summary
State GST authority in Ahmedabad has rejected Sanofi India's refund application of INR 11,62,853 for the period 2014-15 to July 2017. The refund was claimed on a mandatory pre-deposit made by debiting the Electronic Credit Ledger under the Central Excise Act. The authority said the pre-deposit falls under Central GST, not State GST, making the refund application not maintainable. Sanofi India will appeal before appellate authorities and says there is no material impact on financials or operations.
Likely market impact
No material financial impact. Company will appeal. Minor tax dispute, not significant for shareholders.