Hindustan Zinc announced that it has received GST demand notice of Rs 91.90 crore from Additional Commissioner, Central Excise and CGST Commissionerate, Udaipur for interpretational issues.
The order pertains to levy of GST on statutory levies like DMF/NMET contribution to the state exchequer. The GST amounting to Rs 91.90 crore and equivalent amount of penalty and applicable interest is required to be paid along with the tax.The company said that this is an industry wide interpretation issue wherein larger question whether Royalty is a Tax or not is pending for decision by the Supreme Court.
The firm said that considering the merits of the case, it intends to file Writ Petition before the High Court.
Hindustan Zinc, a Vedanta Group company, is an integrated producer of zinc, lead and silver. As of September 2023, Vedanta held 64.92% stake in the company.
The companys net profit fell 5.93% to Rs 2,028 crore on 7.35% decrease in revenue from operations to Rs 7,067.00 crore in Q3 FY24 over Q3 FY23.
The scrip rose 0.80% to trade at Rs 296.35 on the BSE.
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