Legal19 Nov 2024, 08:28 pm
Zydus Wellness Receives Appeal Order under VAT Act for $116.14 Million Tax Demand
AI Summary
Zydus Wellness Ltd. has received an Appeal Order from the Office of The Deputy Commissioner of State (Appeals), Patiala Division, under Punjab Vat Act, 2005. The order alleges a short payment of tax of $116.14 million (including penalty of $63.22 million) along with applicable interest from FY 2011-12 to 2014-15. The order also includes the pre-acquisition period prior to January 30, 2019, the liability for which will be indemnified by Heinz Italia S.P.A. Zydus Wellness believes there is strong merit in the case and is evaluating the next steps. The impact will be limited to the final tax liability as may be ascertained along with interest and penalty, if any.
Key Highlights
- Zydus Wellness received an Appeal Order from the Office of The Deputy Commissioner of State (Appeals), Patiala Division under Punjab Vat Act, 2005
- The order alleges a short payment of tax of $116.14 million (including penalty of $63.22 million) along with applicable interest from FY 2011-12 to 2014-15
- The order includes the pre-acquisition period prior to January 30, 2019, the liability for which will be indemnified by Heinz Italia S.P.A.
- Zydus Wellness believes there is strong merit in the case and is evaluating the next steps
- The impact will be limited to the final tax liability as may be ascertained along with interest and penalty, if any