📢 𝗕𝗿𝗲𝗮𝗸𝗶𝗻𝗴 𝗡𝗲𝘄𝘀! 𝗩𝗲𝗱𝗮𝗻𝘁𝗮 𝗟𝘁𝗱. 𝗥𝗲𝗰𝗲𝗶𝘃𝗲𝘀 𝗚𝗦𝗧 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗢𝗿𝗱𝗲𝗿 #Vedanta #GST #TaxLaw #BusinessNews Mining conglomerate Vedanta Ltd. has received a GST penalty order of Rs. 27.97 crore for the period of FY 2018-19 to FY2020-211.

The penalty arises from a dispute over Input Tax Credit reconciliations during these financial years.

The order, issued by the Office of the Additional Commissioner, GST & Central Excise Commissionerate, Rourkela, confirms a penalty of Rs 27.97 crore along with tax demand and applicable interest.

Vedanta has promptly announced its intention to appeal the order with the Appellate Authorities, seeking a favourable resolution to the dispute1. The company reassures stakeholders that it does not anticipate any material financial impact resulting from the penalty.

📚 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗙𝗶𝗿𝘀𝘁 𝗔𝗽𝗽𝗲𝗮𝗹 𝗶𝗻 𝗚𝗦𝗧 ➡️The first appeal in GST is a crucial step for disputing certain orders. It can be filed under section 107 of the CGST Act, 2017.

➡️The time limit to file a GST appeal is 𝟯 𝗺𝗼𝗻𝘁𝗵𝘀 from the date of the order, 𝗲𝘅𝘁𝗲𝗻𝗱𝗮𝗯𝗹𝗲 𝘂𝗽 𝘁𝗼 𝟭 𝗺𝗼𝗻𝘁𝗵.

➡️The 𝗽𝗿𝗲-𝗱𝗲𝗽𝗼𝘀𝗶𝘁 requirement is 𝟭𝟬% 𝗼𝗳 𝘁𝗵𝗲 𝗱𝗶𝘀𝗽𝘂𝘁𝗲𝗱 𝘁𝗮𝘅 𝗮𝗺𝗼𝘂𝗻𝘁 and 100% of the admitted amount (Non Disputed Amount), subject to a maximum of Rs 25 crores in CGST and SGST respectively.

✅Vedanta intends to file an appeal against the said order with the Appellate Authorities1. The company is hopeful of a favourable outcome1. Stay tuned for more updates!