Bangalore, February 1, 2025
Biocon Limited (NSE: BIOCON, BSE: 532523) has disclosed that it has received an order dated January 31, 2025, from the Joint Commissioner of Commercial Taxes (Appeals-8), Bangalore. The order imposes a penalty of ₹11,62,839 under the Karnataka Goods and Services Act, 2017, Central Goods and Services Tax Act, 2017, and the Integrated Goods and Services Tax Act, 2017.Key Details of the Order
| Particulars | Details |
|---|---|
| Authority Issuing the Order | Joint Commissioner of Commercial Taxes (Appeals-8), Bangalore |
| Date of Order | January 31, 2025 |
| Penalty Amount | ₹11,62,839 |
| Alleged Violations | - Incorrect refund claim on CIF (Cost, Insurance, and Freight) value of exports instead of FOB (Free on Board) value. - GST liability on Corporate Guarantee provided by the company during 2017-18. |
| Impact on Operations | No material impact on the company’s financials, operations, or other activities. |
Company's Response & Next Steps
Biocon has stated that it is in the process of taking appropriate actions, including but not limited to filing an appeal with the Appellate forum to contest the order.Disclaimer: Investors are advised to consider this regulatory development when making investment decisions related to Biocon Limited.