Indoco Remedies Limited Receives Demand of INR 1.346 Million from Office of the Joint Commissioner, State Tax, Circle A, Zone II, Jaipur
July 11, 2024 at 04:01 am
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Indoco Remedies Limited announced that demand has been raised vide Order as per Section 73 in Form GST DRC - 07 dated 10th July, 2024 towards GST liabilities basis the details provided therein for the period from 2019 -2020. Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority; July 10, 2024 The Order has been passed by the GST Authority on the contention of wrongful availment and utilization of input tax credit (ITC) for Fiscal Year 2019-20. The GST authority has passed an order for recovery of ITC amount along with interest and penalty.
The demand of INR 1.346 million has been raised which is subject to the outcome of the matter. Based on assessment of facts and prevailing law, the Company will file necessary appeal with the appellate authority in this regard. Name of the authority is Office of the Joint Commissioner, State Tax, Circle A, Zone II, Jaipur.
Indoco Remedies Limited is an India-based manufacturer of pharmaceutical products. The Company is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs). The Company offers medicines in multiple therapeutic categories, such as diabetology, respiratory, stomatology, women's health, nutritional products, gastroenterology, cardiology, metabolic disorders and primary care medicine. Its products/brands include Cyclopam, Sensodent-K, Karvol Plus, Sensoform, Cital UTI, Kidodent, Rexidin M, Lignox A, Dentogel, Aloja, Homide, Renolen, Noxa, Dexoren - S, Aloja M, ATM, Febrex Plus, Sensodent-KF, SM Fibro, MCBM 69, Cal Aid, Snowdent, Dropizin, Zincoren, Coloferrin, Bfloren, RR Sensoform Dental, Mofloren-D, and Tuspel among others. The Company caters to both domestic and international markets. Its subsidiaries include Xtend Industrial Designers and Engineers Pvt Ltd, Indoco Remedies Czech sro, and Indoco Remedies UK Limited.