Cipla slapped with Rs.10.95 Crore GST Penalty:

Cipla slapped with Rs.10.95 Crore GST Penalty The GST Authority has passed an order imposing a penalty of Rs.10,95,32,757 on Cipla under provisions applicable of the Central Goods and Services Tax Act, 2017, Rajasthan Goods and Services Tax Act, 2017, and Integrated Goods and Services Tax Act, 2017. The order was issued by the GST Authority on the grounds that, from FY 2017-18 to FY 2023-24, the Company lowered its GST liability by providing credit notes without verifying the reversal of Input Tax Credit (ITC) at the recipient end. The GST authority has ordered the recovery of GST, as well as any relevant interest and penalties. "According to on an assessment of facts and prevailing law, the Company is of the view that the GST demand, interest, and penalty levied is arbitrary, unjustified, and not tenable," Cipla stated in exchange filing. The Company intends to file an appeal with the appellate body in this regard. Earlier, Cipla has also received a penalty of Rs.53.1 lakh under the Goods and Services Tax Act from Lucknow GST authority. This GST authority’s order issued to Cipla for reportedly used an inadmissible TRAN-1 credit.