Zydus Wellness faces ₹3.09 million tax demand for FY 2014-15, plans appeal, ET LegalWorld

Zydus Wellness Products Limited has received an Assessment Order from the Excise and Taxation Officer-cum-Notified Authority, U.T., Chandigarh, under Section 29(2) of The Punjab VAT Act, 2005, and The CST Act, 1956, alleging a demand of ₹0.31 million towards VAT (including a penalty of ₹0.16 million) and ₹2.78 million towards CST, aggregating to ₹3.09 million for FY 2014-15, according to an exchange filing.

The order has been issued due to the alleged short payment of tax and non-submission of statutory forms under the VAT and CST Acts, respectively.

Zydus Wellness is exploring all possible options to contest the demand, including filing an appeal.