Syncom Formulations (India) Limited has informed the Exchange about General Updates
SYNCOMF · price
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Awaiting price reaction for this filing.
Syncom Formulations has received a revised demand notice from the GST Department (Mumbai-East) alleging the company availed Input Tax Credit on ineligible input services and blocked credits. The demand is Rs. 70.89 lakh as ineligible ITC plus an equal penalty of Rs. 70.89 lakh, totaling Rs. 1.41 crore, payable by January 31, 2026. The company's earlier appeal against the original demand was rejected, prompting the revised notice dated December 31, 2025 (received January 2, 2026). The company plans to file a further appeal before the appellate authority.
A potential cash outflow of Rs. 1.41 crore if the appeal fails, which could dent near-term earnings. Shareholders should watch for the outcome of the next appeal, as the rejection of the first appeal is a negative development.