Mining major Hindustan Zinc is penalised for Rs 73.4 lakh by the Central Goods and Service Tax Commissioner, Udaipur, Rajasthan. In an exchange filing, the Vedanta Group company stated that it has received a confirmed penalty of Rs 73.46 lakh along with the tax demand and applicable interest.

Hindustan Zinc disclosed that the penalty demand by the Udaipur tax authorities pertains to the Central Value Added Tax (CENVAT) credit claimed by the company for the cement used as an input in its mines.

Hindustan Zinc claimed CENVAT credit during 2016-17. Now, the tax authorities have ordered the reversal of credit, as they do not deem the claimed CENVAT credit to be fit. The company must repay the claimed credit amount along with a penalty of Rs 73.4 lakh and applicable interest .

Hindus

See Full Page