Piramal Pharma Faces ₹4.06 Cr GST Demand & Penalty

Piramal Pharma Ltd has received an Order-in-Original from the CGST & Central Excise, Mumbai East Commissionerate, concerning GST audit for FY 2020-21 to FY 2022-23. The order confirms a demand of Input Tax Credit (ITC) amounting to ₹4,06,03,220/-, along with applicable interest and an equivalent penalty of ₹4,06,03,220/-. The demand relates to eligibility of certain input tax credits, including those from the post-demerger transition period, ISD registration, and cross-charged expenses from Piramal Enterprises Limited. Piramal Pharma believes it has a strong case and intends to appeal the order, stating it does not expect any material impact on its financials or operations.