Biocon receives over Rs 3 crore penalty over GST related issues
New Delhi: Biocon Ltd has 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.
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Biocon Limited, publicly listed in 2004, is an innovation-led global biopharmaceuticals company. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.
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