Bayer Cropscience, yesterday after market hours said that it has received an order from the Central Goods & Service Tax, Jaipur (Rajasthan) imposing penalty of Rs.1.71 crore on the company.
The above-mentioned order is related to transitional credit which was claimed by the Company at the time of transition from pre-GST regime to GST regime.
The company is charged with a tax amount of Rs 85.5 lakh along with a penalty of Rs 85.5 lakh.
The company said that it will be filling appeals as it believes that it has strong merits to challenge the orders.
Following this news, the stock price is in the red; the stock opened status quo but soon dropped 1.5% to hit an intraday low at Rs.5280.45; it has recovered since then and is now trading less than 1% low at Rs.5317.