Mumbai, January 3, 2026: Syncom Formulations (India) Limited (BSE: 524470 | NSE: SYNCOMF) has informed stock exchanges that the Goods and Services Tax department has issued a revised demand and penalty notice aggregating ₹1,41,78,604, following the rejection of its earlier appeal related to ineligible input tax credit.
The disclosure has been made as a continuation of the company’s earlier intimation dated April 5, 2025, under applicable listing regulations.
Details of the GST Demand
The demand has been raised by the Office of the Superintendent, Range V, Division X, Mumbai East, CBIC, Maharashtra, under Section 74(5) of the CGST Act, 2017 for tax and Section 122 for penalty.The revised demand and penalty notice is dated December 31, 2025, and was received by the company on January 2, 2026. The amount is required to be paid by January 31, 2026.
Financial Impact on the Company
| Particulars | Amount (₹) |
|---|---|
| Ineligible Input Tax Credit | 70,89,302 |
| Penalty levied | 70,89,302 |
| Total demand | 1,41,78,604 |
Company’s Position
Syncom Formulations stated that it had examined the matter and filed an appeal earlier, which was not accepted, leading to the issuance of the revised demand and penalty notice. The company has confirmed that it will move a further appeal before the relevant appellate authority.Management reiterated its commitment to ensuring compliance with all applicable laws while pursuing appropriate legal remedies against the demand and penalty.
About the Company
Syncom Formulations (India) Limited is engaged in the manufacturing and marketing of pharmaceutical formulations. The company operates manufacturing facilities in India and is listed on both BSE and NSE.Source:
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