Vedanta fined Rs 3.48 crore for tax evasion

New Delhi: Mining company Vedanta has been fined Rs 3.48 crore in a case related to input tax credit during the period 2018-19 and 2019-20, the company informed stock exchanges in a filing on Sunday. “The company has received an order from the Office of the Additional Commissioner, GST and Central Excise Commissionerate, confirming the tax demand and penalty of Rs 3.48 crore, input during the period FY 2018-19. “Relates to tax credit benefits for FY 2019-20,” the filing read.

The office of the Additional Commissioner, GST and Central Excise Commissionerate, Rourkela sent the notice. The company said it now intends to file an appeal with the appellate authorities against the said order. “The company is pleased to receive its favorable outcome,” the filing said. is optimistic about the penalty order and does not expect that the said order will have any material financial impact on the company.” In explaining the delay in disclosure, the company said that it is in the process of assessing the reasons for the penalty order and investigating its veracity. .