Indoco Remedies Limited Receives Show Cause Notice from Office of the Joint Commissioner of State Tax Patna Special Circle, Patna Bihar
May 18, 2024 at 05:15 am
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Indoco Remedies Limited received Show Cause Notice from the Goods and Service Tax (GST) Authority. Name of the authority: Office of the Joint Commissioner of State Tax Patna Special Circle, Patna Bihar. Nature and details of the action(s) taken, initiated or order(s) passed: Demand has been raised vide SCN u/s 73(1) in Form GST DRC-01 dated May 17, 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: 17th May, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: (i) Excess ITC claimed as per GSTR 2A & GSTR 3B (ii) ITC on other miscellaneous expenses as per GSTR 9C (iii) Unreconciled ITC claimed as per GSTR 9C (iv) Blocked credit or Ineligible ITC u/s 17(5) Since it is only a SCN at this stage, and the Company will be taking all necessary actions to present and defend its case before the relevant authorities and address the demand and penalties, if any. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: A potential demand of INR 2.254 million has been put forth which is subject to the outcome of the matter.
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.