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Global mining conglomerate Vedanta Ltd was hit with Goods and Services Tax (GST) penalties of Rs 141.36 crore for alleged ineligible Input Tax Credit (ITC) availment on Saturday.
Bombay High Court has stayed the effect and operation of the GST Circular relating to corporate guarantee on a petition filed by Vedanta. Earlier, the High Courts of Telangana and Punjab & Haryana issued similar orders, while the Delhi High Court granted a stay that no coercive action will be taken against the Petitioner in case a final assessment order is passed or a demand is created.
Vedanta Ltd on April 16 said it has received a GST penalty order of Rs.27.97 crore for the period of FY 2018-19 to FY 2020-21. The penalty stems from a dispute regarding Input Tax Credit reconciliations spanning the financial years 2018-19 to 2020-21.