Biocon gets over Rs 3 crore penalty over GST related issues

New Delhi: 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.