Mankind Pharma faces over Rs 2-crore penalty from GST authority

Mankind Pharma Ltd on Wednesday said it has been imposed a GST related penalty of over Rs 2 crore by tax authority in Kolkata over alleged mismatch in figures for the period of FY18 to FY22.

The company has received an order on January 14, 2025 from Office of the Commissioner of Kolkata South CGST & CX -- issued by Additional Commissioner, Mankind Pharma said in a regulatory filing.

"The GST Authority has passed the order, pursuant to GST audit for the FY 2017-18 to FY2021-22 on the contention that there is a mismatch in the figures reported in various statutory returns...," it said.

The order levied a penalty of Rs 2,27,83,935 on the company.

"Based on the assessment of facts and prevailing law, the company is of the view that the aforesaid order is arbitrary and unjustified," Mankind Pharma said, adding it would file necessary appeal with the appellate authority in this regard.

There is no material impact on financials, operations or other activities of the company, it added.