Hindustan Zinc Faces ₹2.99 Crore Penalty, Plans Appeal

Alayaran.com - Hindustan Zinc Limited, a subsidiary of Vedanta Group, has been slapped with a hefty penalty of ₹2,99,37,101 by the Office of the Commissioner of Central Excise & CGST Commissionerate. The penalty pertains to the tax discrepancies under the Reverse Charge Mechanism for the financial year 2017-18.

The Central Excise & CGST authorities have scrutinized the company's tax obligations on inward supplies, leading to this significant financial demand. In response, Hindustan Zinc Limited has announced its intention to contest the penalty by filing an appeal.

The company, known for its zinc, lead, and silver operations, remains a critical player in India's mining sector, despite this recent financial setback. Further details on the appeal process are expected to be disclosed as the company navigates through this legal challenge.