Aurobindo Pharma Faces Rs 13 cr Tax Demand for Ineligible ITC
May 03, 2024 16:46
Aurobindo Pharma received a tax demand of over Rs 13 crore from the GST authority for ineligible input tax credit claim. The company plans to appeal the order.
Illustration: Dominic Xavier/Rediff.com
New Delhi, May 3 (PTI) Aurobindo Pharma Ltd on Friday said it has received tax demand of over Rs 13 crore, including interest and penalty, from the GST authority over ineligible input tax credit claim.
The Deputy Commissioner (ST) STU-1 of GST, Punjagutta Division, Hyderabad, Commercial Taxes Department, Telangana, has passed an order under relevant provisions of the Central Goods and Services Tax Act, 2017 and TGST Act 2017 for the FY 2018-19 to this effect.
The order demanded reversal of ITC and payment of GST amounting to Rs 6,54,50,645 along with interest of Rs 5,92,20,900 and penalty of Rs 65,51,354, Aurobindo Pharma said in a regulatory filing.
It claims ineligible ITC and orders reversal of ITC and demanding GST along with interest, the company added.
The company intends to file an appeal before appellate authority, Aurobindo Pharma said, adding there is no material impact on its financials or operations due to the order.
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