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Biocon Ltd on Friday mentioned it has been imposed a penalty of over Rs 3 crore over GST-related points. The corporate has acquired an order of adjudication imposing a penalty of Rs 3,03,78,465 dated February 22, 2024, from the workplace of Deputy Commissioner of Business Taxes, Divisional GST Workplace, Bangalore, Biocon Ltd mentioned in a regulatory submitting.
The demand is said to enter tax credit score reporting error in GST month-to-month returns, denial of enter tax credit score on gross sales and promotional expenditures, valuation concern GST below company assure, and denial of exemption on export of providers, it added.
Biocon additional mentioned it’s “within the technique of taking applicable actions, together with however not restricted to, submitting of the required attraction with the appellate authority on this regard”.
There isn’t a materials influence on the financials, operations or different actions of the corporate, the submitting mentioned.
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