Mankind Pharma Limited has secured a significant victory in its GST appeal, with the Joint Commissioner of State Tax dropping a penalty of INR 46,32,582 that was previously imposed under the Central Goods and Services Tax Act, 2017. The favorable order represents a positive resolution to a tax matter that had been under dispute for the financial year 2020-21.

GST Appeal Order Details

The company received Order-in-Appeal No. 02/286 dated February 16, 2026, from the Joint Commissioner of State Tax, State GST (Appeals), Nagpur, Maharashtra. This order specifically addressed the company's appeal against an earlier Order-in-Original dated February 28, 2025, which had imposed the penalty under Section 73 of the CGST Act.

Regulatory Compliance and Disclosure

Mankind Pharma has fulfilled its regulatory obligations by informing the BSE Limited and National Stock Exchange of India Limited about this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made in accordance with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

The company had previously intimated the exchanges about the original GST matter on March 1, 2025, demonstrating consistent compliance with disclosure requirements throughout the appeal process.

Financial Impact

According to the regulatory filing, the company has indicated that there is no quantifiable impact on its financial, operational, or other activities from this favorable order. The dropping of the penalty eliminates a potential financial liability that had been under dispute, providing clarity on the company's GST compliance position for the relevant financial year.

The successful appeal outcome reflects positively on Mankind Pharma's tax compliance processes and its ability to effectively challenge regulatory orders through appropriate legal channels when necessary.

Mankind Pharma has informed stock exchanges about a search and seizure operation conducted by tax authorities at its wholly owned subsidiary Bharat Serums and Vaccines Limited (BSV). The pharmaceutical company made the disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

GST Search Operation Details

The search and inspection operation was carried out by the Assistant Commissioner of State Tax (D-0214), Investigation – B, Mumbai, under Section 67 of the Maharashtra Goods and Services Tax Act, 2017. The operation commenced on February 03, 2026 and concluded on February 08, 2026, spanning six days.

Areas Under Investigation

The search and inspection operation focused on several key areas of GST compliance. According to the company's disclosure, the investigation covered:

• Payment of tax obligations
• Claims of input tax credit
• Reconciliation processes
• Refund procedures

Company Response and Cooperation

BSV demonstrated full cooperation with the investigating officials throughout the proceedings. The subsidiary provided all necessary documents, clarifications and details as requested by the authorities. The company has committed to continue extending support and furnish any additional information if required by the tax department.

Crucially, business operations at BSV continued as usual during the entire search and inspection period, ensuring minimal disruption to the subsidiary's activities.

Financial and Operational Impact

Mankind Pharma has assessed the impact of the GST search operation on its subsidiary's performance. According to the company's official statement, there is no material impact on BSV's financials, operations or other activities due to the search and inspection.

The disclosure was signed by Hitesh Kumar Jain, Company Secretary and Compliance Officer of Mankind Pharma Limited, and submitted to both BSE Limited and National Stock Exchange of India Limited on February 09, 2026.