Mankind Pharma Limited — Important, 28-12-2024: General Updates

Mankind Pharma has received an order from the Assistant Commissioner, CGST in Meerut, imposing a penalty of ₹1.02 crore related to its former subsidiary, Lifestar Pharma, for alleged inadmissible Input Tax Credit from FY 2017-18 to FY 2021-22. The company believes this order is arbitrary and unjustified, given that it has already paid the relevant tax and interest back in April 2022. Mankind Pharma plans to appeal the decision, asserting that the case should not fall under the contested section of the CGST Act. Importantly, the company has indicated that this matter poses no material impact on its financials or operations, allowing for a continued positive outlook in its strategic direction.