Vodafone Faces Rs.2.94 Crore Penalty Under CGST Act

Vodafone Faces Rs.2.94 Crore Penalty Under CGST Act

The company intends to challenge the order

Vodafone Idea Limited has received a penalty order from the office of Additional Commissioner, Central Goods and Services Tax (CGST) Panchkula Commissionerate under the Central Goods and Services Tax Act, 2017, confirming Rs.2,94,07,225 due to alleged excess Input Tax Credit (ITC) availment for FY 2017-18.

The order passed under Section 74 of the CGST Act confirmed the penalty along with demand and interest.

The disclosure before the exchange was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company is set to challenge the order and pursue rectification actions, making disclosures under the SEBI norms.