Vedanta fined Rs 3.48 crore for tax evasion

New Delhi [India], Minin 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 along with applicable interest, the issue arising from FY 2018-19 to FY 2019. Input tax credit relates to profit during the period. 20,"The filing said the office of the Additional Commissioner, GST and Central Excise Commissionerate, Rourkela has sent the notice.

The company said it now intends to file an appeal against the said order with the appellate authorities. "The company expects a favorable outcome of the same and the company does not expect that the said order will have any significant financial impact on the company,'' the file said. In explanation for the delay in disclosure, the company said it was not prepared to comply with the penalty order. It was in the process of assessing the reasons and verifying its authenticity.

Source : https://www.theindiancommunity.org/news/vedanta-fined-rs-3-48-crore-for-tax-evasion.13977/