GST News: Drug manufacturing company Glenmark Pharmaceuticals Limited has received a GST notice of Rs 121.25 crore. This notice has been given demanding interest and penalty.

This order has been issued to the company by the Joint Commissioner of Central Goods and Services Tax and Central Excise (CGST & CX), Palghar, Maharashtra for the period of business years 2017-18 to 2021-22.

What is the matter?
According to the order, the company is accused of taking extra IGST refund of Rs 57.70 crore, which was claimed on cost, insurance and freight (CIF) value instead of free-on-board (FOB) value. Apart from this, Rs 5.86 crore, which was already deposited to surrender the IGST refund related to the company's non-export receipts, has been adjusted. Along with this, a fine of Rs 63.56 crore was also imposed on the company, which is equal to the tax payment. Company's response On this notice, the company Glenmark Pharmaceuticals said that it will file an appeal against this order before the appropriate appellate authority. It also clarified that this order will not have any material impact on the business conditions or operations of the company. Stock performance in the market On February 7, shares of Glenmark Pharmaceuticals Limited closed at ₹ 1,543.35 on the BSE, showing a gain of ₹ 45.15 (3.01%).