Biocon gets slapped with Rs. 3 Cr GST Penalty for ITC Reporting Error
Biocon gets GST Penalty of Rs. 3 Crore for Input Tax Credit Reporting Error and More
Biocon Ltd disclosed in a regulatory filing that it has been served with an adjudication order, dated February 22, 2024, by the Deputy Commissioner of Commercial Taxes at the Divisional GST Office in Bangalore, imposing a penalty of Rs 3,03,78,465. The demand is related to input tax credit reporting error in GST monthly returns, denial of input tax credit on sales and...
Biocon Ltd disclosed in a regulatory filing that it has been served with an adjudication order, dated February 22, 2024, by the Deputy Commissioner of Commercial Taxes at the Divisional GST Office in Bangalore, imposing a penalty of Rs 3,03,78,465.
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, Biocon added.There is no material impact on the financials, operations or other activities of the company, the filing said.
Biocon is currently in the process of taking appropriate actions, which may involve filing an appeal with the appellate authority to address these concerns.
The regulatory filing emphasized that there is no significant impact on the company's financials, operations, or other activities due to this development.
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