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Zydus Lifesciences Unit Secures Reduction in GST Tax Demands

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Zydus Lifesciences (NSE:ZYDUSLIFE, BOM:532321) said appellate authorities in Chhattisgarh, India, have substantially reduced tax demands and penalties imposed on its wholly owned subsidiary, Zydus Healthcare, in input tax credit (ITC) cases for financial years 2018-19 and 2019-20, according to a Tuesday filing on Indian bourses.

For the financial year 2018-19, demand was reduced to 24,000 rupees from 2.9 million rupees, including penalty, the company said in the filing.

For the financial year 2019-20, demand was cut to 20,000 rupees from around 1.3 million rupees, including penalty, it added.

The relief was granted through orders passed by the Appellate Additional Commissioner of State, Chhattisgarh, the company said.

Shares of Zydus Lifesciences rose 1% in recent trade.

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