Shares of Bayer Cropscience Limited declined a percent to Rs 5,300 in the morning trade on November 21 after the company received an order from the Central Goods & Service Tax, Jaipur, for a penalty of Rs 1.7 crore.
“The order is related to transitional credit which was claimed by the company at the time of transition from pre-GST regime to GST regime,” Bayer said in an exchange filing on November 20. “The company will be filing appeals as it believes that it has strong merits to challenge the orders”.
This is the second such notice the company has received in as many weeks. Last week, Bayer informed exchanges that it received orders from the CGST and Central Excise, Commissionerate Indore and Kolkata.
The authorities imposed a fine of Rs 1.5 crore, and an additional penalty of Rs 3.8 crore, totalling Rs 5.3 crore.
Similar to the latest order, this too, was related to transitional credit, which was claimed at the time of transition from the pre-GST regime to the GST regime.
In the second quarter, Bayer Cropscience reported standalone net sales of Rs 1,617.20 crore, up 11.3 percent from the year-ago period. Its quarterly net profit came in at Rs 222.90 crore in September 2023, rising a sharp 37 percent from Rs 162.60 crore in Q2FY23.
At 9.47 am, the stock was trading at Rs 5,311.45, down 0.78 percent from the previous close.