Mumbai, Dec 23 (SocialNews.XYZ) Anil Agarwal-led Vedanta on Saturday said its subsidiary Bharat Aluminium Company Limited (BALCO) has been served a notice to pay up Rs 84.7 crore crore as Goods and Services Tax (GST).
The demand notice has been issued from the Office of the Joint Commissioner of Bilaspur in Chhatisgarh and pertains to financial year 2017-18 on account of "various interpretational issues under the relevant provisions of the Central Goods and Services Tax Act, 2017," the company said in a regulatory filing.
The total GST demand has been made for Rs 84,70,09,977 while an additional 10 percent of this amount has been imposed as penalty along with applicable interest.
BALCO is in the process of evaluating the next course of action to be taken in the matter, the exchange filing further states.
The metals-to mining major said that the order is not expected to have any material financial impact on the company.
Vedanta had reported a consolidated net loss of Rs 915 crore for the July-September quarter this year compared to a net profit of Rs 2,690 crore in the corresponding period last year.
The company had attributed the loss to a one-time exceptional item because of the adoption of a new tax rate.
Source: IANS
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