Zydus Wellness arm gets Rs 56.33 crore GST demand – Newz9

NEW DELHI: Zydus Wellness Ltd on Saturday mentioned its wholly-owned arm has acquired a GST demand of Rs 56.33 crore, together with relevant curiosity and penalty from the tax authority. Zydus Wellness Products Ltd (ZWPL), an entirely-owned subsidiary firm, has acquired an intimation from the Directorate General of Goods and Services Tax Intelligence, Surat Zonal Unit, alleging GST demand of Rs 56.33 crore, together with relevant curiosity and penalty, Zydus Wellness Ltd mentioned in a regulatory submitting,
The intimation alleges that the GST was payable in relation to the acquisition of mental property rights from Heinz Italy SPA by Heinz India Pvt Ltd, now merged with ZWPL, it added.
“ZWPL believes that there is a strong merit in the case, and ZWPL is evaluating the next steps based on a detailed review of the intimation,” the submitting mentioned.
The interval lined by the order pertains to the pre-acquisition interval previous to January 30, 2019, the submitting mentioned.
Due to this order, there is no such thing as a affect on monetary, operation or different actions of the corporate/ZWPL, it added.
The affect can be restricted to the ultimate tax legal responsibility as could also be ascertained, together with curiosity and penalty, if any and is eligible for indemnification by Heinz Italia SPA, the corporate mentioned.