Hindustan Zinc announced that it has received a GST demand notice amounting to Rs 26.12 crore from the Office of the Commissioner of Central Excise & CGST Commissionerate.
The order pertains to input tax credit availed and reported by the company in GSTR-3B and GSTR-9 during FY 2019-20 and 2020-21. The Commissionerate has imposed a penalty of Rs 26,12,05,495 along with tax demand and applicable interest.The company intends to file appeal before the Appellate Authority within time-limit prescribed under the GST Law. The firm is hopeful of a favourable outcome thereof and does not expect the said order to have any material financial impact on the company.
Recently, the companys board approved the second interim dividend of Rs 19 per equity share for the financial year 2024-25, amounting to Rs 8,028.11 crore. The record date for the purpose of payment of dividend is Wednesday, 28 August 2024.
Hindustan Zinc, a Vedanta Group company, is an integrated producer of zinc, lead and silver. As of June 2024, Vedanta held 64.92% stake in the company.
The companys consolidated net profit increased 19.4% t Rs 2,345 crore during the quarter as compared with Rs 1,964 crore in Q1 FY24. Revenue from operations jumped 12% YoY to Rs 8,130 crore in Q1 FY25.
The scrip shed 0.13% to Rs 511.65 on the BSE.
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