Sanofi India Limited — Important, 18-02-2025: General Updates

The Office of the Commissioner of CGST and Central Excise (Appeals-II) in Mumbai issued an order against Sanofi India Limited regarding the recovery of GST-related dues. The order mandates the recovery of interest of ₹1.01 crore due to non-payment of GST on the import of manpower recruitment services, along with a penalty of ₹0.10 crore. This action is based on violations related to the payment of GST under the Reverse Charge Mechanism (RCM) for salary disbursement to expatriates. However, Sanofi has indicated that this matter does not have a material impact on its financial or operational activities, suggesting a steady outlook for the company amid these challenges. Investors should monitor any further developments related to this issue to assess potential implications.