New Delhi, Dec 28 (PTI) Zydus Wellness Ltd on Saturday said its wholly-owned arm has 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.
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.
The period covered by the order relates to the pre-acquisition period prior to January 30, 2019, the filing said.
Due to this order, there is no impact on financial, operation or other activities of the company/ZWPL, it added.
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. PTI RKL BAL BAL
About the Author
