Vedanta receives ₹27.97 crore GST penalty order, to file appeal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mining conglomerate Vedanta Ltd on Tuesday (April 16) said it has received a GST (Goods and Services Tax) penalty order of ₹27.97 crore for the period of FY 2018-19 to FY2020-21. The penalty stems from a dispute regarding Input Tax Credit reconciliations spanning the financial years 2018-19 to 2020-21.

“The company has received an Order from the Office of the Additional Commissioner, GST & Central Excise Commissionerate, Rourkela, confirming Penalty of Rs 27.97 crore along with Tax demand and applicable Interest,” according to a stock exchange filing.

Vedanta promptly announced its intention to appeal the order with the Appellate Authorities, seeking a favourable resolution to the dispute. In its statement addressing the matter, Vedanta reassured stakeholders that it does not anticipate any material financial impact resulting from the penalty.

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“The company intends to file an appeal against the said Order with the Appellate Authorities. The company is hopeful of a favourable outcome thereof and does not expect the said Order to have any material financial impact on the company,” it added.

Shares of Vedanta Ltd ended at ₹378.00, up by ₹7.45, or 2.01% on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow