Vedanta Group company Hindustan Zinc Ltd (HZL) on Tuesday (January 14) said it has been levied penalties totalling ₹92.55 crore by the Deputy Commissioner of State Tax, Udaipur.
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“Hindustan Zinc Limited (HZL), a subsidiary of the company, has made the disclosure as required under Clause 20 of Para A of Part A of Schedule III of SEBI Listing Regulations for levy of penalty by the Office of the Deputy Commissioner of State Tax, Udaipur,” Vedanta said in a regulatory filing.
The penalties, amounting to ₹41.11 crore for FY 2018-19 and ₹51.45 crore for FY 2019-20, are accompanied by a tax demand and applicable interest. The dispute pertains to the input tax credit under Section 17(5) of the GST law. The orders were issued on January 13, 2025, and received by the company on the same day.
Also Read: Hindustan Zinc fined ₹36 crore under GST Act in Rajasthan
HZL plans to appeal the orders before the Appellate Authority within the timeframe prescribed under GST regulations. The company expressed confidence in a favourable outcome and stated that it does not anticipate any material financial impact on its operations.
“Considering the merits of the case, the company intends to file an appeal before the Appellate Authority within the time limit prescribed under the GST Law. 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,” Hindustan Zinc said.
Shares of Hindustan Zinc Ltd ended at ₹436.25, up by ₹16.70, or 3.98%, on the BSE.
Also Read: Hindustan Zinc reports 2% decline in mined metal production for Q3
(Edited by : Shoma Bhattacharjee)
First Published: Jan 14, 2025 5:43 PM IST
