Glenmark Hit with ₹121.25 Crore Tax Demand, Company to Appeal

10 Feb 2025 , 09:25 AM

The Joint Commissioner of CGST & CX, Palghar, Maharashtra has sent a tax demand order of ₹121.25 crore for the period from 2017-18 to 2021-22 against Glenmark Pharmaceuticals Ltd.

The amount includes ₹57.70 crore excess IGST refund, claimed on CIF value instead of FOB value. It also appropriates ₹5.86 crore that Glenmark had already paid for surrendering IGST refunds relating to non-realisation of export proceeds.

There are ₹63.56 crore tax demand, of which the imposition of penalty and interest is concerned, against it. Glenmark said this order will appeal before the right appellate authority in due course as there is absolutely no material effect on its overall financials as well as operating performance. Date of the above order was dated February 4, 2025, as uploaded on GST portal.

Shares of Glenmark Pharmaceuticals Ltd closed at ₹1540 on Friday which is a 2,68% surge than the previous close. Glenmark Pharmaceuticals Ltd shares has gained a total of 82% in the last one year and 3.35% dip since the beginning of the year.