Indoco Remedies Receives GST Notice for ITC Discrepancies, Potential Demand of ₹158 Lakhs

Mumbai, February 11, 2025 – Indoco Remedies Limited (NSE: INDOCO-EQ, BSE: 532612) has disclosed a notice received from the Goods and Services Tax (GST) Authority, citing discrepancies in its Input Tax Credit (ITC) claims for the financial year 2022-23.

Key Highlights of the GST Notice:​

• Issuing Authority: Office of the Deputy Commissioner of State Tax, GST Bhavan, Mumbai.
• Nature of Action: A demand has been raised under Rule 99(1) in Form GST ASMT-10, dated February 7, 2025.
• Grounds for Notice: Alleged differences in ITC claims as per the company's returns.
• Date of Receipt: February 10, 2025.
• Financial Impact: A potential GST demand of ₹158.00 lakhs has been raised, though the company believes this may not materialize into a liability.
• Company’s Response: Indoco Remedies has stated that it will file an appropriate response within the prescribed timelines, ensuring compliance with GST regulations.

Company’s Position and Market Impact​

Indoco Remedies has asserted that the demand remains at the notice stage, and it does not anticipate an immediate financial liability. The company will continue to engage with tax authorities to resolve the matter.