Vedanta-led Hindustan Zinc receives tax penalty order worth Rs 1.81 crore

10 Oct 2023 , 10:45 AM

Vedanta Ltd announced on Monday that the tax authorities had issued a Rs 1.81 crore penalty on its subsidiary Hindustan Zinc. Vedanta Ltd told the markets on Sunday, October 8, that it has received such an order.

The company stated in its filing with the bourses that its has received an order from Assistant Commissioner, Div-A, Central GST Audit Circle, CGST, Udaipur imposing a penalty of Rs. 1,81,06,073/- under Section 74(9) of the CGST Act 2017. Further, the section is to be read with corresponding provisions of the SGST Act, 2017 and Section 20 of IGST Act, 2017 for the period July 2017 to March 2018.

Vedanta stated in a statement that order has been passed on the contention that the company has availed input tax credit wrongly.

The company also stated that it is hopeful of a successful outcome at the appellate level and that the order will have no financial impact on the company.

 

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