Hindustan Zinc announced that it had received a GST demand notice of Rs 26.12 crore from the Office of the Commissioner of Central Excise and CGST Commissionerate.
Reetu | Aug 22, 2024 |
Hindustan Zinc gets Rs.26 Crore GST Demand Notice over Tax Credit Dispute
Hindustan Zinc announced that it had received a GST demand notice of Rs 26.12 crore from the Office of the Commissioner of Central Excise and CGST Commissionerate.
The order applies to input tax credits obtained and reported by the company in GSTR-3B and GSTR-9 for the financial years 2019-20 and 2020-21. The Commissionerate issued a penalty of Rs.26,12,05,495 along with the tax demand and interest.
The company intends to file an appeal with the Appellate Authority within the time frame allowed by the GST Law. The firm hopes for a favourable resolution and does not anticipate that the order will have a significant financial impact on the company.
A while ago, the company’s board approved the second interim dividend of Rs.19 per equity share for the financial year 2024-25, totalling Rs.8,028.11 crore. The official date for dividend payments is Wednesday, August 28, 2024.
Hindustan Zinc, a Vedanta Group company, produces zinc, lead, and silver. As of June 2024, Vedanta owned 64.92% of the company’s stock.
The company’s overall net profit climbed 19.4% to Rs.2,345 crore in the quarter, compared to Rs.1,964 crore in Q1 FY24. In the first quarter of FY25, revenue from operations increased 12% year on year to Rs.8,130 crore.
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