Central GST audit circle imposes penalty of Rs 18.1 million on Vedanta

Oct 9, 2023

Synopsis
Based on the Company’s assessment and prevailing law, the Company is hopeful of a favourable outcome at the appellate level and does not expect the said Order to have any material financial impact on the Company, Vedanta said.

The central GST audit circle on Monday imposed a penalty of Rs 18.1 million on Vedanta Ltd.

'The company 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 read with corresponding provisions of the SGST Act, 2017 and Section 20 of IGST Act, 2017 for the period July 2017 to March 2018. The order has been passed on the contention that the company had wrongly availed input tax credit,' the company said in a release.

Based on the company’s assessment and prevailing law, the company is hopeful of a favourable outcome at the appellate level and does not expect the said order to have any material financial impact on the company, the statement further added.

[The Economic Times]