Glenmark Pharmaceuticals Faces Rs. 57.69 Crore Demand from Joint Commissioner of CGST & CX Palghar

Glenmark Pharmaceuticals Ltd. has been served a demand notice by the Joint Commissioner of CGST & CX Palghar, Maharashtra, for an amount of Rs. 57,69,73,678. The demand is primarily for excess IGST refund claimed on CIF value instead of FOB value for the period 2017-18 to 2021-22. The company has also been asked to appropriate Rs. 5,85,79,174 already paid by them towards non-realization and pay applicable interest on the above amounts. The order was passed under the Central Goods and Services Tax Act, 2017. Glenmark intends to file an appeal before the appropriate authority. The company has stated that there is no material impact on its financials or operations due to the said order.