Zydus Lifesciences receives Rs 1.61-cr GST demand for FY 2017-18

Zydus Lifesciences has informed that it has received a demand order-in-original (O-I-O) of Rs 1.61 crore from the Assistant Commissioner, Division Dehradun, Sector-7, Uttarakhand, concerning the financial year 2017-18.

The issue pertains to the Input Tax Credit (ITC) carried forward through the TRAN-1 form.

The company has been asked to pay a tax demand and penalty totaling Rs 1.61 crore. This demand relates to the alleged ITC carried forward through the TRAN-1 during FY 2017-18. The company clarified that it has not received any prior notice or show cause notice regarding the demand.

The firm intends to challenge the order by filing an appeal. The company has stated that the demand will not have any material financial impact on its operations.

Zydus Lifesciences is a discovery-driven, global life sciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies.

The companys consolidated net profit increased 13.8% to Rs 911.20 crore in Q2 FY25 as against Rs 800.70 crore posted in Q2 FY24. Revenue from operations jumped 20.1% to Rs 5,113.60 crore in the quarter ended 30 September 2024.

The scrip rose 2% to Rs 967.35 on the BSE.

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