Vedanta Limited Faces Rs. 141 Crore Penalty for ITC Availment and Utilisation Issues

Vedanta Limited has received two orders from the Office of the Commissioner, CGST & Central Excise, Rourkela Commissionerate, Rourkela. The first order confirms a penalty of Rs. 86,06,00,370 along with tax demand and interest for FY 2017-18. The second order confirms a penalty of Rs. 55,30,14,010 along with tax demand and interest for FY 2017-18 to FY 2019-20. The issues pertain to availment and utilisation of Input Tax Credit (ITC). The Company intends to file an appeal against these orders with the Appellate Authorities and is hopeful of a favorable outcome. The Company does not expect these orders to have any material financial impact.