Hindustan Zinc Limited (HZL) has received an order from the Commissioner of Central Excise & CGST Commissionerate imposing a penalty of ₹26,12,05,495, along with tax demands and interest.
The shares of Hindustan Zinc Limited were trading at ₹511.40 down by ₹1.20 or 0.23%on the NSE today at 11 am.
The order, dated August 16, 2024, concerns the Input Tax Credit claimed by HZL in GSTR-3B and GSTR-9 filings during fiscal years 2019-20 and 2020-21.
The company was notified of the order on August 20. HZL plans to appeal the decision within the prescribed time limit under GST law, expressing confidence in a favorable outcome. The zinc producer does not anticipate a material financial impact from this order.