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