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The order pertains to recovery of refund of accumulated GST Compensation Cess granted previously on account of interpretational issues in terms of relevant provisions of the GST Law. The said order was received by the company on 22 August 2023 through e-mail.
The company said that it has evaluated the merits of the case and decided to file the appeal with the Appellate Authority within time-limit prescribed under the GST Law.
The appeal drafting is in progress and shall be filed in due course. The firm is hopeful of a favorable outcome thereof and does not expect the said order to have any material financial impact.
Vedanta, a subsidiary of Vedanta Resources Limited, is one of the world’s leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power & glass substrate and foraying into semiconductors and display glass.
The company reported consolidated net loss to Rs 915 crore in Q2 FY24 from Rs 2690 crore net profit recorded in Q2 FY23. Income from operations increased 16% year-over-year (YoY) to Rs 38,546 crore during the quarter.
The scrip rose 0.21% to Rs 242.45 on the BSE.
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