Rs.3 Crore GST Penalty Notice slapped on Biocon:

Rs.3 Crore GST Penalty Notice slapped on Biocon Biocon Ltd said on Friday that it has been fined more than Rs.3 crore for GST violations. In a regulatory filing, Biocon Ltd said that it got an order of adjudication from the office of the Deputy Commissioner of Commercial Taxes, Divisional GST Office, Bangalore, imposing a penalty of Rs.3,03,78,465 on February 22, 2024. The demand is connected to input tax credit reporting errors in GST monthly returns, denial of input tax credit on sales and promotional expenses, GST valuation issue under corporate guarantee, and denial of exemption on service exports, it noted. The company additionally stated that 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". The document stated that there is no meaningful impact on the company's finances, operations, or other activities.