Fortis Healthcare receives GST orders totaling ₹2149.61 Lakhs
Fortis Healthcare has received GST orders confirming demands totaling ₹2149.61 lakhs across FY 2020-21, FY 2021-22, and FY 2022-23. These amounts include interest and penalties. The company's response led to the confirmation of these demands by the GST Authority.
While the amounts are significant, they pertain to past financial years and are not expected to severely impact the company's overall financial health, but they do represent an additional cost.
The announcement details confirmed GST demands, including penalties and interest, which represent a financial outflow for the company.
Fortis Healthcare Limited has disclosed that it has received Goods and Services Tax (GST) orders concerning financial years 2020-21, 2021-22, and 2022-23. The State Tax Officer, Chengalpattu Intelligence Division, Tamil Nadu, had issued show cause notices for amounts including penalties for these periods.
Following the company's response, the GST Authority has passed orders confirming demands. For FY 2020-21, the confirmed demand is ₹478.08 lakhs, which includes interest and penalty of ₹142.02 lakhs and ₹168.03 lakhs, respectively. For FY 2021-22, the confirmed demand is ₹850.00 lakhs, including interest and penalty of ₹212.16 lakhs and ₹318.92 lakhs. For FY 2022-23, the confirmed demand is ₹811.53 lakhs, comprising interest and penalty of ₹158.58 lakhs and ₹326.47 lakhs.
The show cause notices related to the balance amounts have been dropped by the GST Authority. The total confirmed demand, including interest and penalties, amounts to ₹2149.61 lakhs across the three financial years.
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Fortis Healthcare Limited filed this with the NSE as a statutory disclosure, categorised under litigation updates. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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