Indoco Remedies Limited announced that the Goods and Services Tax (GST) Authority has officially dropped proceedings related to a ₹15.51 crore tax claim against the company. The decision was issued by the Deputy Commissioner (ST), STU-2, Malkajgiri Division, Hyderabad Commercial Tax Department, Telangana, on February 24, 2025.
The company had initially received a Show Cause Notice (SCN) from the GST department on December 2, 2024, regarding various issues, including excess Input Tax Credit (ITC) claims, credit note support, and GSTR-9C reconciliation discrepancies. The GST authorities had proposed a demand of ₹15.51 crore under Section 73(1) of the GST Act, 2017.
In response, Indoco Remedies submitted clarifications and supporting documentation, following which the authorities decided to drop the proceedings. The company stated that this resolution has no financial or operational impact.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. The author or Business Upturn is not liable for any losses arising from the use of this information.
