Vedanta Iron And Steel Ltd (VISL) on Wednesday said its arm ESL has received a GST demand-cum-showcause notice involving a proposed tax demand of Rs 15.74 crore, besides applicable interest and penalty.
The notice alleges short payment of taxes during 2020-21 to 2022-23.
In a filing to the BSE, the company said ESL Steel Ltd (ESL) received notice under Section 74(1) of the Central Goods and Services Tax Act, 2017, from the Office of the Joint Commissioner, Central Goods and Services Tax and Central Excise, Ranchi.
“As per the said notice, the Department has proposed a GST demand of ₹15,74,26,450 comprising IGST of ₹7,87,46,884, CGST of ₹3,93,39,783, and SGST of ₹3,93,39,783 along with applicable interest and penalty,” the filing said.
The company is examining the notice and will take appropriate steps in accordance with applicable laws within the prescribed timelines, the filing said.
“ESL is evaluating appropriate legal remedy against the said notice and shall take appropriate steps in accordance with applicable laws within the prescribed timelines,” it said.
With operations spanning India and Africa, VISL is focused on iron ore exploration, mining, and processing in India and West Africa, alongside the production of high-quality steel, wire rods, TMT bars, pig iron, ductile iron pipes, ferro-silicon, cement, and metallurgical coke.
Source from: https://manufacturing.economictimes.indiatimes.com/news/industry/vedanta-steel-arm-esl-faces-15-74-crore-gst-demand-notice/133567042
