Bayer CropScience has received an order imposing a penalty related to Goods and Services Tax (GST) on outward supply pertaining to the Financial Year 2018-19. The penalty imposed amounts to ₹1.55 Million. The company is currently assessing its options, including the possibility of appealing the order. The matter is related to an assessment by the Superintendent of Central Tax.
Details of the GST Order
Bayer CropScience has received an order from the Office of the Superintendent of Central Tax concerning GST on outward supply for the financial year 2018-19. This order includes a penalty imposed on the company, which the company is currently reviewing.
Financial Impact
The order from the tax authorities imposes a penalty of ₹1.55 Million on Bayer CropScience. The company is evaluating the impact of this penalty on its financials and operations.
Company Response
Bayer CropScience has stated that the order is appealable. The company is currently undertaking an assessment to determine whether to exercise its right to appeal. The company will provide further updates as necessary following its evaluation.
Source: BSE