Biocon Faces ₹3 Crore Penalty Over GST-Related Issues, Plans Appeal

26 Feb 2024 , 04:20 PM

Biocon Ltd has been penalized over ₹3 Crore for GST-related issues, as per a regulatory filing on Friday.

The penalty of ₹3,03,78,465 was imposed on February 22, 2024, by the Deputy Commissioner of Commercial Taxes, Divisional GST Office, Bangalore.

The penalty is associated with errors in input tax credit reporting in GST monthly returns, denial of input tax credit on sales and promotional expenditures, valuation issues in GST under corporate guarantee, and denial of exemption on the export of services.

Biocon stated that it is currently taking appropriate actions, including filing the necessary appeal with the appellate authority, in response to the penalty.

The regulatory filing mentioned that there is no material impact on the financials, operations, or other activities of the company due to this penalty.

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