Tax & Penalty17 Jun 2026, 06:01 pm
Lyka Labs Faces ₹73.22 Lakh GST Demand Notice
AI Summary
Lyka Labs Ltd has received a Show Cause-cum-Demand Notice from the CGST & Central Excise office, Mumbai East, for ₹73,22,077. The demand arises from an alleged erroneous refund claim of Integrated Goods and Services Tax (IGST) on exports made under Advance Authorizations, which the notice claims contravened Rule 96(10) of CGST Rules, 2017, resulting in a double benefit. The company disputes the demand, citing the omission of Rule 96(10) from October 2024, and states there is no material impact on its financials or operations as it defends the allegations.
Key Highlights
- Lyka Labs received a GST demand notice for ₹73.22 Lakhs.
- The notice alleges ineligible IGST refund claims on exports.
- The company disputes the demand, citing rule omission.
- Lyka Labs claims no material financial or operational impact.
Price Impact
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