Zydus Wellness Limited Receives an Order from the Assistant Commissioner, Saroor Nagar Division, Hyderabad
April 25, 2024 at 08:40 am EDT
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Zydus Wellness Limited announced that the company, has received an Order of assessment from the Assistant Commissioner (ST)(FAC), Vanasthalipuram-I Circle, Saroor Nagar Division, Hyderabad under section 73 of the Central Goods and Services Tax Act, 2017 (the Act) read with rule 142 of CGST Rules, 2017 (the Rules) alleging excess claim of input tax credit of INR 25,000 (including penalty of INR 20,000) for fiscal year 2018-2019. Name of the Authority: The Assistant Commissioner, Saroor Nagar Division, Hyderabad. Nature and details of the action(s) taken, initiated or order(s) passed: Order in Form DRC-07 under section 73 of the Act read with rule 142(5) of the Rules for fiscal year 2018-2019. Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: Received on April 24, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Alleged excess claim of input tax credit of INR 25,000 (including penalty of INR 20,000). The Order is currently appealable and the Company will make an assessment to exercise
the right to appeal.
Zydus Wellness Limited is an India-based consumer wellness company. The Company operates as an integrated consumer company with business encompassing the entire value chain in the development, production, marketing and distribution of health and wellness products. The product portfolio of the Company includes brands like Sugar Free, Everyuth, Nutralite, Complan, Glucon-D and Nycil. Glucon-D Regular variant is a source of vitamin D and Flavor variants are a rich source of vitamin C. Complan is a health food drink, scientifically designed for growing school children and contains nutrients along with milk protein. Sugar Free is a low-calorie sweetener, which is a replacement of sugar for the calorie-conscious, weight watchers and diabetics. Everyuth offers a range of skincare products under the brand name of Everyuth Naturals. Nycil prickly heat and cooling powder brand and has also expanded its portfolio into the hand sanitizer category.