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In a regulatory filing, the miner stated, “The company has received an order from Assistant Commissioner, Div-A, Central GST Audit Circle, CGST, Udaipur imposing a penalty of Rs 1,81,06,073/- under Section 74(9) of the CGST Act 2017 read with corresponding provisions of the SGST Act, 2017 and Section 20 of IGST Act, 2017 for the period July 2017 to March 2018. The order has been passed on the contention that the company had wrongly availed input tax credit.”
Based on the company's assessment and prevailing law, Hindustan Zinc said that it is hopeful of a favourable outcome at the appellate level and does not expect the said order to have any material financial impact on the company.
Hindustan Zinc, a Vedanta Group company, is the world's 2nd largest integrated Zinc producer and 5th largest Silver producer. It holds about 75% of the Zinc market in India and is headquartered in Udaipur, Rajasthan.
The company's consolidated net profit tumbled 36.48% to Rs 1,964 crore in Q1 FY24 from Rs 3,092 crore recorded in Q1 FY23.
The scrip advanced 2.31% to currently trade at Rs 312.70 on the BSE.
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