ZYDUS WELLNESS LIMITED Zydus Wellness Limited announced that Heinz India Private Limited merged with Zydus Wellness Products Limited received three orders under section 142(5) of the Central Goods and Services Tax Act, 2017. ORDER 1. Name of the Authority The Office of Sales Tax Officer Class II, Delhi. Nature and details of the action(s) taken, initiated or order(s) passed: Order in Form DRC-07 issued under section 142(5) of the Act.
Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: Received on April 29, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Alleged short payment of tax for Fiscal Year 2018-19 amounting to INR 15.418 million (including penalty of INR 0.930 million), on account of excess input tax credit availed. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: ZWPL believes that there is strong merit in the case and ZWPL is evaluating the next steps based on detailed review of the order and exploring all possible options to contest the demand including filing an appeal against the same.
The period covered by the order also includes pre-acquisition period prior to January 30, 2019, the liability for which will be indemnified by Heinz Italia S.P.A. Due to this order, there is no material impact on financial, operation or other activities of ZWPL /Company. ORDER 2. Name of the Authority The Office of State Tax Officer, Cuttack II Circle, Odisha. Nature and details of the action(s) taken, initiated or order(s) passed: Order in Form DRC-07 issued under section 142(5) of the Act.
Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: Received on April 30, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Alleged short payment of tax for Fiscal Year 2018-19 amounting to INR 1.422 million (including penalty of INR 0.088 million), on account of ineligible input tax credit availed. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: ZWPL believes that there is strong merit in the case and ZWPL is evaluating the next steps based on detailed review of the order and exploring all possible options to contest the demand including filing an appeal against the same.
The period covered by the order also includes pre-acquisition period prior to January 30, 2019, the liability for which will be indemnified by Heinz Italia S.P.A. Due to this order, there is no material impact on financial, operation or other activities of ZWPL /Company. ORDER 3. Name of the Authority: The Office of the Assistant Commissioner, Mohali, Punjab. Nature and details of the action(s) taken, initiated or order(s) passed: Order in Form DRC-07 issued under section 142(5) of the Act.
Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: Received on April 30, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Alleged short payment of tax for Fiscal Year 2018-19 amounting to INR 0.179 million (including penalty of INR 0.010 million), on account of issue of place of business. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: The Order is currently appealable and ZWPL will make an assessment to exercise the right to appeal.
The period covered by the order relates to pre- acquisition period prior to January 30, 2019, the liability for which will be indemnified by Heinz Italia S.P.A. Due to this order, there is no material impact on financial, operation or other activities of the Company /ZWPL.
