Sun Pharmaceutical Industries Ltd. received regulatory orders from the Assistant Commissioner, Deputy Commissioner Goods & Service Tax, States Taxes & Excise, Division, Mohali-I, Punjab Distt- Sirmour, Nahan (HP).
The orders were issued under section 74 of the GST Act, 2017, imposing a penalty of Rs. 35,43,766 for unpaid tax on certain recoveries during the period from July 2017 to March 2020.
The penalty was imposed due to a mismatch of value in Form 2017 vs. Turnover declared in Annual VAT Return of FY 2015-16.
The company will take appropriate action in the matter.
There is no material impact on the company's financial, operational, or other activities.