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Bayer CropScience Receives Penalty Order from CGST Patna for GST Input Tax Credit Violation
Team Finance Saathi
31/Jan/2025
What's covered under the Article:
- Bayer CropScience has been penalized Rs. 1.4 Million by the CGST Patna for GST input tax credit violation related to FY 2017-18.
- The penalty order was received on January 30, 2025, and is currently appealable by the company.
- The financial impact is noted as Rs. 1.4 Million, with further actions under assessment.
On January 30, 2025, Bayer CropScience Limited (scrip code BAYERCROP) received a penalty order from the Office of the Joint Commissioner of CGST and Central Excise, Patna, Bihar, related to its GST Input Tax Credit for the financial year 2017-18. This action was in accordance with the Securities and Exchange Board of India (SEBI) regulations under Regulation 30 of the Listing Obligations & Disclosure Requirements (LODR).
The penalty imposed on the company amounts to ₹1.4 million. This penalty is linked to discrepancies in the GST Input Tax Credit availed by the company for the mentioned financial year. The company has stated that this order is appealable, and it is assessing whether to exercise its right to challenge the decision through the appeals process.
The details of the violation, as outlined in the order, relate to specific aspects of the GST regulations concerning the Input Tax Credit. While the monetary impact of this penalty is clear, the operational impact is yet to be fully determined.
As per the requirements of the SEBI Circular (SEBI/HO/CFD/CFD-PoD-1/P-CIR//2023/123 dated July 13, 2023), this disclosure has been made to inform the public and shareholders of the financial and operational impact of the action. Bayer CropScience continues to focus on legal compliance and is committed to pursuing necessary legal channels to resolve this matter.
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