GlaxoSmithKline Pharmaceuticals Receives GST Demand of Rs 6.93 Crore from Maharashtra Authorities

GlaxoSmithKline Pharmaceuticals Limited has received a significant GST demand order from Maharashtra tax authorities, totaling Rs 6,92,76,478 for the period covering April 2022 to March 2023. The pharmaceutical company disclosed this development in a regulatory filing dated 7th March 2026, in compliance with SEBI listing regulations.

GST Demand Details

The demand order was issued on 17th February 2026 by the Additional Commissioner, CGST & Central Excise, Mumbai Central, and was physically received by the company on 20th February 2026. The order pertains to alleged non-payment of GST related to export of services during the specified period.

Component:	Amount (Rs)
Tax:	3,46,38,239
Penalty:	3,46,38,239
Interest:	Not quantified
Total Demand:	6,92,76,478

Nature of Alleged Violation

The GST authorities have raised the demand on account of alleged non-payment of GST pertaining to export of services. The company noted that the order has not been uploaded online on the GST portal and was received in physical form, which may indicate the preliminary nature of the proceedings.

Company's Response and Impact Assessment

GlaxoSmithKline Pharmaceuticals has assessed that there will be no impact on the financial operations of the company. The management has indicated that appropriate actions will be taken in due course, suggesting the company may challenge the demand through available legal remedies.

Regulatory Compliance

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Ajay Nadkarni, Vice President – Administration, Real Estate & Company Secretary, ensuring proper corporate governance protocols were followed in communicating this material development to stakeholders.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.67%	-7.31%	-14.82%	-17.48%	-20.28%	+61.09%

GlaxoSmithKline Pharmaceuticals Limited has disclosed to stock exchanges that the Directorate of Revenue Intelligence conducted a search at its registered office in Mumbai. The pharmaceutical company made this disclosure under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Search Details and Timeline

The search was initiated by the Directorate of Revenue Intelligence, Department of Revenue, Government of India, under the provisions of Section 105 of the Customs Act, 1962. The proceedings began on February 27, 2026, and were completed on February 28, 2026.

Parameter	Details
Authority	Directorate of Revenue Intelligence, Department of Revenue, Government of India
Nature of Action	Search under Section 105 of the Customs Act, 1962
Search Period	February 27, 2026 to February 28, 2026
Location	Company's Registered Office, Mumbai

Company Response and Operations

GlaxoSmithKline Pharmaceuticals stated that company officials extended full cooperation to the department and responded to all queries raised during the search. The company emphasized that its business operations continue as usual without any disruption.

Regulatory Compliance

The disclosure was made in compliance with regulatory requirements, with the company informing both BSE Limited and the National Stock Exchange of India Limited about the proceedings. The company confirmed that the search has been completed and there is no impact on its financial, operational, or other activities.

The communication was signed by Ajay Nadkarni, Vice President – Administration, Real Estate & Company Secretary, on February 28, 2026, ensuring timely disclosure to stakeholders and regulatory authorities.