Vedanta on December 23 said its subsidiary Bharat Aluminium Company Limited (BALCO) has received a Goods and Services Tax (GST) demand notice of Rs 84 crore.
The demand notice has been issued from the “Office of the Joint Commissioner, Bilaspur”, and pertains to the period of fiscal year 2017-18 on account of “various interpretational issues under the relevant provisions of the Central Goods and Services Tax Act, 2017”, the mining major said in a regulatory filing.
The total GST demand has been made for “Rs 84,70,09,977”, the company said, adding that it has also been asked to pay 10 percent of this amount as penalty along with applicable interest.
BALCO is in the process of evaluating the next course of action to be adopted in this matter, the exchange filing added. The company, along with its parent Vedanta, do not expect the order to have any material financial impact, it further noted.
Read more at: moneycontrol
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