Sanofi India Limited received an order from the Assistant Commissioner of State Tax (Ahmedabad), Gujarat, regarding proceedings for the financial year 2020-21.
The order pertains to the dropping of proceedings under section 73/74 that were initiated for denying ineligible Input Tax Credit (ITC) as per section 16(2), claimed from cancelled taxpayers, as well as non-genuine and non-existent taxpayers, along with return/tax defaulter.
The total liability determined in this context amounts to ₹ 1,16,27,980.
The Assistant Commissioner had issued a show cause notice in DRC-01 for the financial year 2020-21, determining a total liability of ₹ 1,16,27,980.
Sanofi India Limited filed submissions against the proposed liability. The Assistant Commissioner accepted the submissions and issued an order for dropping the proceedings under section 73/74.
The company stated that there is no material impact on financial, operational, or other activities of the company.