Excise And CGST Offices Impose Rs.2.99 Crore Penalty On Hindustan Zinc

Excise And CGST Offices Impose Rs.2.99 Crore Penalty On Hindustan Zinc

The company plans to file an appeal with the appellate authority

The Central Excise and the Central Goods and Services Tax (CGST) departments have imposed a fine of Rs.2,99,37,101 on Hindustan Zinc Limited along with a tax demand and interest on inward supplies under the Reverse Charge Mechanism (RCM).

The order was delivered to the Vedanta Group company for the financial year 2017-18 and it plans to appeal against it.

The company stated, “We are hopeful of a favorable outcome and do not expect the order to have any material financial impact on the company.”

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.