GST authority imposes Rs 1 cr fine on Cipla for inadmissible credit claim

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The story "GST authority imposes Rs 1 cr fine on Cipla for inadmissible credit claim" was covered 8 hours ago by Business Standard, a news publisher based in India.

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GST authority imposes Rs 1 cr fine on Cipla for inadmissible credit claim - Business Standard

Quick Summary:

The company has received an order dated December 18, 2024 passed by the GST authority, imposing a penalty of Rs 1,11,94,324 under applicable provisions of the Central Goods and Services Tax Act, 2017, Cipla said in a regulatory filing.

Pharma major Cipla Ltd on Friday said a fine of over Rs 1 crore has been imposed on the company by GST authority for alleged inadmissible credit claim.

"The order has been passed by GST Authority on the contention that the company has availed inadmissible TRAN-1 credit.