Zydus Lifesciences has announced that it received a demand Order-In-Original from the Joint Commissioner of Common Adjudication Authority, CGST, Ahmedabad, for the period from April 2018 to March 2024. The order pertains to an alleged excess refund claim of IGST on export of goods, calculated using CIF (Cost, Insurance & Freight) value instead of FOB (Free on Board) value.
According to the company’s disclosure, the total demand raised is Rs 74.23 crore, with an equivalent penalty, and interest payable as applicable. The company received the order at 3:36 p.m. on October 31, 2025.
Zydus clarified that the case is related to four GST registrations across Gujarat, Maharashtra, Himachal Pradesh and Goa. It further stated that it “firmly believes that it has a strong case” and will appeal the order. The company also noted that there is no material financial impact from this development.
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