Vedanta Iron And Steel Limited (VISL) has made a disclosure pursuant to Regulation 30 read with Sub-para (20) of Para (A) of Part (A) of Schedule III of SEBI LODR Regulations.
Details of the Notice
The tax department has proposed a tax liability of ₹39,58,32,544 (Rupees Thirty-Nine Crores Fifty-Eight Lakhs Thirty-Two Thousand Five Hundred and Forty-Four Only) comprising:
- IGST: ₹29,16,89,049
- CGST: ₹3,26,41,238
- SGST: ₹3,26,41,238
- Cess: ₹3,88,61,019
This amount is in addition to applicable interest and penalty. The allegation pertains to alleged short reversal of Input Tax Credit (ITC) pertaining to issuance of credit notes during financial years 2020-21 to 2022-23.
Company Response
ESL is currently examining the intimation and shall take appropriate steps in accordance with applicable laws within the prescribed timelines. The company states it does not envisage any significant financial and operational impact from this notice.