Hindustan Zinc Ltd. received a demand notice of Rs 26.12 crore from the Office of the Commissioner of Central Excise and CGST Commissionerate pertaining to discrepancies related to input tax credit claimed in their GST returns for the financial years 2019-20 and 2020-21.
The company received an order on August 20th, alleging that they had reported incorrect tax credits in their GST filings, specifically in forms GSTR-3B and GSTR-9, resulting in a hefty penalty and tax demand, which included interest on the overdue amount, according to an exchange filing.
The company plans to challenge the decision by filing an appeal with the Appellate Authority. Despite the significant tax demand, the company remains optimistic about a favorable resolution and does not anticipate this issue having a major financial impact on its operations, it said in the filing.
Shares of Hindustan Zinc were trading 0.12% lower at Rs 511.70 apiece, compared with 0.03% decline in the benchmark BSE Sensex.
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