Torrent Pharmaceuticals Limited Receives an Order Passed Under Section 73 of the Goods and Service Act, 2017, Imposing A Penalty of INR 388,809.60
April 08, 2024 at 10:34 am EDT
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Torrent Pharmaceuticals Limited informed that order dated 8th April, 2024 was passed by Joint Commissioner of State Tax, Corporate Circle, Lucknow under Section 73 of the Goods and Service Act, 2017, imposing a penalty of INR 388,809.60. The Order alleges difference in ITC received in current F.Y. but utilized in subsequent F.Y as disclosed in annual return (GSTR-9) and ITC availed on exempt supply made. Based on the Company assessment, an appeal will be filed and the Company is hopeful of favorable outcome at the appellate level and does not reasonably expect the said Order to have any material financial impact on the Company.
Torrent Pharmaceuticals Limited is an India-based pharmaceutical company. The Company is focused on various therapeutic segments, such as cardiovascular (CV), central nervous system (CNS), gastrointestinal (GI), vitamins minerals nutrients (VMN), anti-diabetes (AD), pain, gynecology, and dermatology. The Company is engaged in research, development, manufacturing, marketing and distribution of branded and generic pharmaceutical formulations in India and internationally. Its pediatric product brands include Tedibar, Atogla, Spoo and B4 Nappi. Its acne/facecare products brands include Clinmiskin, ACNEMOIST, TRACNILO and fash. The Company's hair/scalp care products brands include Proanagen, Perlice, Permite and NOSKURF. Its manufacturing facilities are located in the states of Gujarat, Himachal Pradesh, Madhya Pradesh, Andhra Pradesh and Sikkim. The Company's primary channel of distribution is through the wholesale drug distributors, stockiest and retail pharmacies.
TORRENT PHARMACEUTICALS LIMITED 
