Updated February 23rd, 2024 at 17:39 IST

Biocon faces GST penalty worth over Rs 3 crore

The penalty pertains to errors in input tax credit reporting in GST monthly returns, denial of input tax credit on sales, and promotional expenses.

Reported by: Business Desk
Biocon faces GST penalty worth over Rs 3 crore | Image:Biocon Biologics
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Biocon faces GST penalty: Pharmaceutical major Biocon on Friday said it has been fined over Rs 3 crore for Goods and Services Tax (GST)-related violations.

The penalty of Rs 3,03,78,465 was imposed through an order of adjudication dated February 22, 2024, by the office of the Deputy Commissioner of Commercial Taxes, Divisional GST Office, Bangalore, as stated in a regulatory filing by Biocon Ltd.

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The penalty pertains to errors in input tax credit reporting in GST monthly returns, denial of input tax credit on sales and promotional expenses, valuation issues in GST under corporate guarantee, and denial of exemption on exported services, the filing explained.

Biocon stated that it is currently "taking appropriate actions, including filing necessary appeals with the appellate authority."

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Despite the penalty, Biocon stated that there is no major impact on its financials, operations, or other activities.

The shares of Biocon settled 0.76 per cent higher at Rs 273.15 per share, when the market closed today.

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(With PTI Inputs)

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Published February 23rd, 2024 at 17:39 IST