Bayer CropScience has received orders imposing penalties related to GST on Input Tax Credit availed for the financial years 2018-19 and 2019-20. The penalties amount to ₹1 Million for FY 2018-19 and ₹103 Million for FY 2019-20. The company is currently assessing its options to appeal against these orders.
Penalty for GST Input Tax Credit
Bayer CropScience has received penalty orders concerning Goods and Services Tax (GST) related to Input Tax Credit. These orders, issued by the Office of the Superintendent (Adjudication-II), CGST & Central Excise, Indore, Madhya Pradesh, pertain to the financial years 2018-19 and 2019-20.
Financial Impact of the Orders
The orders impose a penalty of ₹1 Million for the financial year 2018-19 and a penalty of ₹103 Million for the financial year 2019-20. While this impacts the company’s financials, Bayer CropScience is currently evaluating the possibility of appealing these orders. The company has not provided further details on the specific reasons for the penalties.
Source: BSE
