Mankind Pharma Ltd announced on Wednesday that it has been slapped with a GST penalty of Rs 2.27 crore by the Kolkata tax authority. The penalty stems from alleged discrepancies in reported figures for the financial years 2017-18 to 2021-22.
In a regulatory filing, the company disclosed receiving the penalty order on January 14, 2025, from the Office of the Commissioner of Kolkata South CGST & CX, issued by the Additional Commissioner.
“The GST Authority has passed the order, pursuant to the GST audit for the FY 2017-18 to FY 2021-22 on the contention that there is a mismatch in the figures reported in various statutory returns,” the company stated.
The pharmaceutical giant further criticised the order as “arbitrary and unjustified,” and confirmed plans to challenge the decision.
“Based on the assessment of facts and prevailing law, the company is of the view that the aforesaid order is arbitrary and unjustified,” Mankind Pharmasaid, adding it would appeal to the appropriate authority.
The company also assured stakeholders that the penalty will not have any significant impact on its financials, operations, or other activities.
