Eris Lifesciences gets ₹17-crore GST show cause notice over Novartis trademark deal
Published on 22/08/2025 06:01 PM
Eris Lifesciences gets ₹17-crore GST show cause notice over Novartis trademark dealThe expected financial implication, as mentioned in the notice, is IGST of ₹16,84,67,040 along with applicable interest at 18% per annum from November 27, 2019. The penalty has not been specified in the notice. Shares of Eris Lifesciences Ltd ended at ₹1,772, up by ₹21.30 or 1.22%, on the BSE today (August 22).By Jomy Jos Pullokaran August 22, 2025, 6:01:31 PM IST (Published)2 Min ReadDrug firm Eris Lifesciences Limited on Friday (August 22) said it has received a show cause cum demand notice from the Directorate General of GST Intelligence (DGGI), Mumbai, alleging non-payment of integrated GST (IGST) under the reverse charge mechanism on import of services.
The notice pertains to the company’s acquisition of trademark rights, including the title of ‘Zomelis’ and its associated brands registered in India, from Novartis AG, Switzerland, through an assignment deed dated November 27, 2019.
The expected financial implication, as mentioned in the notice, is IGST of ₹16,84,67,040 along with applicable interest at 18% per annum from November 27, 2019. The penalty has not been specified in the notice.
Also Read: Eris Lifesciences Q4 profit rises 31%, EBITDA margin expands to 36%
Eris Lifesciences said it is evaluating the matter and, based on advice from its tax consultants, will submit its reply within the prescribed time period.
The company stated that it maintains a scrupulous record of financial dealings and contributes towards nation-building as a responsible business, adding that its compliance is in line with the letter, spirit and intent of the law and aligned with prevailing industry practices.
Eris further noted that it believes it has complied with GST provisions and has a good case on merits.
Shares of Eris Lifesciences Ltd ended at ₹1,772, up by ₹21.30 or 1.22%, on the BSE today (August 22).
Also Read: Eris Lifesciences transfers ₹861.91 crore holdings to subsidiary as part of internal restructuringContinue Reading(Edited by : Shoma Bhattacharjee)Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsEris Lifesciencesshare market today