Bayer CropScience has received a revised order regarding Goods and Services Tax (GST) related to outward supply for the financial year 2017-18. The revised order from the Additional Commissioner of Central Tax reduces the penalty from INR 74 million to INR 31 million. The company is evaluating further actions, including the possibility of an appeal.
Revised GST Order Received
Bayer CropScience has been notified of a revised order pertaining to Goods and Services Tax (GST) obligations. The revised order addresses matters concerning outward supply for the fiscal year 2017-18.
Penalty Reduction
The key update involves a significant reduction in the penalty initially imposed. According to the notification, the penalty has been reduced from INR 74 million to INR 31 million following a review by the Additional Commissioner of Central Tax.
Financial Impact
The reduction in penalty positively impacts the company’s financial obligations related to the 2017-18 fiscal year. The company is currently assessing the revised order and considering its options, including the possibility of filing an appeal.
Source: BSE