Penalty of Rs 3.48 crore imposed on Vedanta for tax evasion

NEW DELHI: A penalty worth Rs 3.48 crore has been imposed on mining company Vedanta in a case pertaining to input tax credit during the periods 2018-19 and 2019-20, the company informed stock exchanges in a filing on Sunday.

"The Company has received an Order from Office of the Additional Commissioner, GST & Central Excise Commissionerate, confirming Penalty of Rs 3.48 Cr along with Tax demand and applicable Interest. The issue pertains to Input Tax Credit availment during the period FY 2018-19 to FY 2019-20," the filing read.

Office of the Additional Commissioner, GST and Central Excise Commissionerate, Rourkela sent the notice.

The Company said it now intends to file an appeal against the said order with the appellate authorities.

"The Company is hopeful of a favourable outcome thereof and does not expect the said Order to have any material financial impact on the Company," the filing read.

In explanation for the delay in disclosure, the Company said it was in the process of assessing the reasons for the penalty order and examining its veracity.