HOEC Fined ₹5.86 Lakh for IGST Non-Payment

Hindustan Oil Exploration Company Ltd (HOEC) has received two orders from the State Tax Officer imposing penalties totaling ₹586,314. The penalties, along with tax demands and interest, stem from the non-payment of IGST under the Reverse Charge Mechanism on legal services received from outside India during FY 2022-23 and FY 2020-21. The company is in the process of filing revised returns and discharging the demands. HOEC states that the financial implications are not material and do not affect its financial position or operations.