Zydus Lifesciences Limited has received a Demand Order-In-Original (O-I-O) for the financial year 2017-2018 on the issue pertaining to ITC carried forward through TRAN-1. Name of the authority: Assistant Commissioner, Division Dehradun, Sector-7, Uttarakhand. Nature and details of the action(s) taken, initiated or order(s) passed: O-I-O is passed under section 74 of CGST Act, 2017. Issue pertains ITC carried forward through TRAN1 during Fiscal Year 2017-2018.
Details of alleged demand and penalty imposed are as under: CGST: Year 2017-2018: Demand (Tax): INR 8.06 million. Penalty: INR 8.06 million. Total: INR 16.12 million.
Date of receipt of direction or order, including any ad- interim or interim orders, or any other communication from the authority: November 28, 2024. Details of the violation(s) /contravention(s) committed or alleged to be committed: The demand is raised against alleged ITC carried forward through TRAN-1 during the financial year 2017-18. The Company has not received any notice or show cause notice on which demand has been issued.
The Company intends to challenge the order by filing an appeal against the said order. There is no material financial impact on the Company.