Zydus Lifesciences Limited has informed the Exchange about General Updates
ZYDUSLIFE · price
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Zydus Lifesciences has received an Appeal Order from the GST Appellate Authority, Chandigarh, which upheld the original demand and penalty. The order pertains to Rs. 1.71 million in demand and Rs. 10.12 million in penalty for issues related to GST Audit for the period July 2017 to March 2021. The issue involves alleged excess or wrongful input tax credit claimed by the company. The company plans to file a second appeal before the Goods and Services Tax Appellate Tribunal (GSTAT). The filing was delayed due to the concerned person being on medical leave.
The penalty amount of Rs. 10.12 million remains unchanged after the appeal. The company states there is no material financial impact. However, shareholders should note the company is continuing to contest this matter through higher forums.