Jubilant Pharmova Share Price in Focus After Subsidiary Receives ₹52.75 Crore GST Notice

Jubilant Pharmova Ltd has received a Show Cause Notice through its wholly owned subsidiary, Jubilant Generics Ltd. The notice has been issued by the Joint Commissioner, CGST Division, Roorkee, Uttarakhand, and relates to financial years 2020-21 and 2021-22.  

The subsidiary received the notice on August 27, 2026. Jubilant Pharmova disclosed the matter to the stock exchanges through and exchange filing dated August 28, 2026. 

Alleged IGST Refund Issue 

The case relates to the alleged wrongful availment of an Integrated Goods and Services Tax, or IGST, refund. According to the filing, the department has questioned the use of an IGST refund under Rule 96 along with benefits under the Advance Authorisation scheme.  

The notice alleges that both benefits were availed simultaneously, which the department considers a violation of Rule 96(10) of the CGST Rules, 2017. The issue covers the two financial years mentioned in the notice.  

₹52.75 Crore Tax Demand 

The notice proposes a GST demand of ₹52.75 crore. An equal penalty of ₹52.75 crore has also been proposed. The interest payable, if any, has not been quantified in the notice.  

The proposed demand, therefore, includes the tax amount, an equal penalty, and an interest component that remains unspecified. The final amount payable, if any, would depend on the proceedings in the matter. 

Jubilant Generics to Contest Notice 

Jubilant Pharmova said Jubilant Generics will file a detailed reply before the Joint Commissioner, CGST Division, Roorkee, and contest the demand. The company is currently taking the necessary steps to prepare its response.  

In its disclosure, the company said the notice was factually and legally incorrect and had been issued without properly verifying the facts or examining the matter. It said its response would be filed on the merits of the case.  

No Impact Expected 

Jubilant Pharmova has said it does not expect any financial or operational impact from the matter. The company will place its detailed response before the Roorkee CGST authority.  

The matter is currently at the Show Cause Notice stage, with Jubilant Generics set to submit its reply against the proposed demand. 

Read More: Honasa Consumer Share Price in Focus; Calls Off Proposed Acquisition of 58% Stake in Fluence Pharma! 

Jubilant Pharmova Share Price Performance  

As of August 28, 2026, at 3:30 pm, Jubilant Pharmova share price closed at ₹881.95, a 0.37% increase from the previous closing price. 

Conclusion  

The notice proposes a GST demand of ₹52.75 crore and an equal penalty, while the interest amount remains unquantified. Jubilant Pharmova said its subsidiary will contest the matter before the Roorkee CGST authority. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   
 
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. 

Take action on today’s market news - Complete your Demat Account Opening now.