Mumbai-listed mining conglomerate Vedanta Ltd on Saturday (February 8) said it has received two orders, dated February 6, from the Office of the Commissioner, Central Goods and Services Tax (CGST) & Central Excise, Rourkela Commissionerate, seeking penalties totalling ₹141.36 crore, along with tax demand and applicable interest.
The first order imposes a penalty of ₹86.06 crore related to availing and utilising Input Tax Credit (ITC) during the 2017-18 financial year.
The second order seeks a penalty of ₹55.30 crore over availing ineligible ITC under Section 17(5) of the CGST Act, 2017, for the financial years between 2017-18 and 2019-20.
Vedanta received both orders on February 7, 2025, and said it would appeal against them.
“The company is hopeful of a favourable outcome thereof and does not expect the said Orders to have any material financial impact on the company,” Vedanta said.
Source from: https://www.cnbctv18.com/market/stocks/vedanta-share-price-rs-141-36-crore-gst-demand-to-appeal-19555219.htm
