Biocon Ltd Receives GST Order for ₹3.04 Cr

Biocon Ltd has received an Order-In-Original from the Assistant Commissioner (ST) in Visakhapatnam, Andhra Pradesh. The order confirms a Goods and Service Tax demand of ₹1,85,28,762/-, interest of ₹1,17,59,033/-, and a penalty of ₹18,52,476/- for the Financial Year 2022-23. The issues cited include non-submission of SEZ endorsement documents, incorrect input tax reversal, and improper claim of Input Service Distribution credits. Biocon states there is no material financial impact and intends to file a Rectification Application or Appeal. The total demand, including penalty and interest, amounts to approximately ₹3.04 Crore.