New Delhi, Mar 12 (PTI) Pharma major Dr Reddy's Laboratories Ltd on Tuesday said it has received a tax demand with penalty totalling more than Rs 74.22 crore from GST authority for wrongly availing of credit of input tax.

In a regulatory filing, the company said it has received an order seeking demand, including interest and penalty, from the Additional Commissioner of Central Tax, Hyderabad GST Commissionerate.

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The authority has passed the order on the contention that the company has wrongly availed of input tax credit, or not reversed the input tax credit under provisions of CGST/TGST/IGST Act, 2017, it added.

The tax amount is Rs 67,47,37,495, while interest will be as applicable rates on tax demand, the company said, adding that the penalty is Rs 6,74,73,752.

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"The company will file necessary appeal with the appellate authority in this regard," Dr Reddy's said.

It further said, "Based on our evaluation, there is no material impact on the financials, operations, or other activities of the company."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)