State GST Rejects Sanofi India Refund Claim for INR 11,62,853
Sanofi India Limited has received an order from the Deputy Commissioner, State GST, Ahmedabad, Gujarat, rejecting its refund application amounting to INR 11,62,853. The decision relates to a claim covering the period from 2014-15 to 2017-18 (up to July 2017).The Deputy Commissioner, State GST, Ahmedabad, Gujarat, rejected the refund application filed by Sanofi India Limited. This rejection is based on the grounds that the refund claim arises from a debit of the Electronic Credit Ledger (ECL) towards mandatory pre-deposit as mandated under the Central Excise Act, 1944.
The authority determined that since this mandatory pre-deposit was debited under the Central Excise Act, 1944 and not classified as 'tax' under the CGST Act, 2017, the claim was ineligible for a refund from the State GST authorities. Furthermore, the decision noted that the pre-deposit related to the Central Excise Act, 1944 falls within the domain of Central GST and not State GST, rendering the refund application before the State GST non-maintainable.
The company filed the appeal concerning mandatory pre-deposit by debiting ECL for INR 11,62,853 while appealing under the Central Excise Act, 1944, for the period spanning 2014-15 to 2017-18 (till June 2017).
Sanofi India Limited stated that it will file appeals before Appellate Authorities regarding the rejection. The company confirmed that there is no material impact on its financial or operational activities resulting from this decision.
SANOFI Stock Price Movement
Shares of Sanofi India Limited closed today after slipping by 0.39% to settle at ₹3399.2, marking a slight dip in the pharma sector. The stock saw total traded volume of 35,008 shares during the day's session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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