Syncom Formulations Faces Rs. 1.42 Crore Demand and Penalty Under CGST Act, 2017

Key Highlights

• Syncom Formulations India Ltd. has received a demand notice from the Department of Revenue under GST, raising a penalty of Rs. 1.42 crore for ineligible Input Tax Credits.
• The company had previously applied for an appeal, which was rejected.
• The company will further move for an appeal to the relevant authority.
• The demand and penalty amount to Rs. 1,41,78,604.
• The company remains committed to ensuring optimum compliance with all applicable laws.