Hindustan Zinc gets 28.83-crore tax penalty notice

MUMBAI: Hindustan Zinc Ltd has received a 28.83-crore rupee tax demand for 2017-18 (Apr-Mar) for various interpretational issues under the provisions of Rajasthan Goods and Services Tax Act, 2017.

The demand order has come from the Deputy Commissioner, State Tax and Circle F, Udaipur, on Wednesday, the company said in a notification to the exchanges.

A separate notification showed that the subsidiary of Vedanta Ltd has also received a tax demand order from the Assistant Commissioner, CGST, Division Haridwar for procedural issues, amounting to 28.12 lakh rupees.

Hindustan Zinc intends to file appeal before the Appellate Authority within the time limit prescribed for both these demands. “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,” it said.

Earlier this month, the company had also got a 13.47-crore rupee demand order from the Additional Commissioner, Central Goods Services Tax and Central Excise Commissionerate, Udaipur for disallowance of Input Tax Credit on account of procedural issues.

Shares of Hindustan Zinc today closed at 312.60 rupees on the National Stock Exchange, up 0.2% from the previous close.