New Delhi: Zydus Wellness Ltd said that its wholly-owned arm received a GST demand of Rs 56.33 crore, along with applicable interest and penalty from the tax authority. Zydus Wellness Products Ltd (ZWPL), a wholly-owned subsidiary company, has received an intimation from the Directorate General of Goods and Services Tax Intelligence, Surat Zonal Unit, alleging GST demand of Rs 56.33 crore, along with applicable interest and penalty, Zydus Wellness Ltd said in a regulatory filing on Saturday.
Zydus Wellness arm receives Rs 56.33 crore GST demand.
The intimation alleges that the GST was payable in relation to the acquisition of intellectual property rights from Heinz Italia S.P.A. by Heinz India Pvt Ltd, now merged with ZWPL, it added. "ZWPL believes that there is a strong merit in the case, and ZWPL is evaluating the next steps based on a detailed review of the intimation," the filing said.
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According to the filing, the period covered by the order relates to the pre-acquisition period before January 30, 2019. There is no impact on the financial, operation, or other activities of the company/ZWPL because of this order, per the filing. The impact will be limited to the final tax liability as may be ascertained, along with interest and penalty, if any, and is eligible for indemnification by Heinz Italia S.P.A., the company said.
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