Jubilant Pharmova’s wholly-owned subsidiary, Jubilant Biosys Limited, has received an order confirming demand of GST, interest, and penalty for the financial year 2021-2022. The order was issued by the Deputy Commissioner of Commercial Taxes, Mysuru. The company will contest the order and does not expect a significant financial or operational impact.
GST Demand Notification
Jubilant Biosys Limited, a subsidiary of Jubilant Pharmova, has received an Adjudication Order relating to GST for the financial year 2021-2022. The order was issued by the Deputy Commissioner of Commercial Taxes located in Mysuru.
Order Details
The tax demand amounts to ₹6,64,82,025, and the interest levied is ₹4,31,78,702. Additionally, a penalty of ₹66,48,202 has been imposed. The dispute primarily pertains to issues regarding the availment and reversal of Input Tax Credit (ITC) during the specified financial year.
Company Response
Jubilant Pharmova intends to file an appeal contesting the order before the GST Appellate Authority. The company believes the order is legally incorrect and anticipates no significant financial or operational repercussions as a result of this matter.
Source: BSE