Biocon has been fined over Rs 3 crore by the GST authorities for issues related to input tax credit reporting errors, denial of input tax credit on sales, and other irregularities.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Feb 23 (PTI) Biocon Ltd on Friday said it has been imposed a penalty of over Rs 3 crore over GST-related issues.
The company has received an order of adjudication imposing a penalty of Rs 3,03,78,465 dated February 22, 2024, from the office of Deputy Commissioner of Commercial Taxes, Divisional GST Office, Bangalore, Biocon Ltd said in a regulatory filing.
The demand is related to input tax credit reporting error in GST monthly returns, denial of input tax credit on sales and promotional expenditures, valuation issue GST under corporate guarantee, and denial of exemption on export of services, it added.
Biocon further said it is "in the process of taking appropriate actions, including but not limited to, filing of the necessary appeal with the appellate authority in this regard".
There is no material impact on the financials, operations or other activities of the company, the filing said.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback