Bayer Cropscience Limited saw a 1% decline in its shares, reaching Rs 5,300 in the morning trade on November 21, subsequent to receiving an order from the Central Goods & Service Tax, Jaipur, imposing a penalty of Rs 1.7 crore.
The order, disclosed in an exchange filing on November 20, pertains to transitional credit claimed by the company during the shift from the pre-GST regime to the GST regime. Bayer expressed its intent to file appeals, asserting confidence in the strength of its case against the orders.
This marks the second such notice within two weeks for the company. In the preceding week, Bayer had informed the exchanges about orders from the CGST and Central Excise, Commissionerate Indore and Kolkata, which levied a fine of Rs 1.5 crore and an additional penalty of Rs 3.8 crore, totaling Rs 5.3 crore. Similar to the recent order, the previous penalty was also associated with transitional credit claimed during the GST transition.
In the second quarter, Bayer Cropscience reported standalone net sales of Rs 1,617.20 crore, marking an 11.3% increase from the same period the previous year. The quarterly net profit stood at Rs 222.90 crore in September 2023, reflecting a significant 37% rise from Rs 162.60 crore in Q2FY23.
As of 10:07 am, Bayer Cropscience shares were trading with a 0.68% decrease.
