It was revealed by Mankind Pharma Ltd, which holds top positions in the Pharma sector that Kolkata GST authorities levy a penalty of Rs. 2.27 crore for the allegation of discrepancies in reported figures for the financial years 2018 to 2022.
From the office of the Commissioner of Kolkata South CGST & CX the penalty order was obtained and issued by the Additional Commissioner, the company said. It was indeed mentioned by the company in the regulatory filing that the GST penalty order was received dated January 14, 2025.
It was mentioned by the company that the order of penalty was passed via the GST authority as per the audit for the FY 2017-2018 to FY 2021-2022.
It was disclosed by the company that the order was passed as per the contention that there was a mismatch in the figures reported in various statutory returns. A penalty of around Rs. 2,27,83,935 was imposed from the order.
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Based on the assessment of facts and prevailing law, Mankind Pharma Ltd criticized the penalty order as ‘arbitrary and unjustified’. Indeed the company said that a plea would be preferred to the appropriate authority.
The company ensured stakeholders that the penalty does not have a notable impact on its financials, operations, or other activities. It is important to cite that the company ranks among top 5 Pharmaceutical companies and has a considerably large market in the subcontinent.
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Mankind Pharma is an Indian Pharmaceutical company which has headquarters in New Delhi. In the production of antibiotics, cardiovascular medications, and nutritional supplements the company remains in the top position.
In terms of sales, the company ranks fourth and secures best-selling products. The Company has 6 research and development centres in the subcontinent.
