Tax & Penalty14 Aug 2026, 12:44 pm
Vedanta Subsidiary ESL Steel Faces ₹39.58 Cr Tax Demand
AI Summary
Vedanta Iron And Steel Limited (VISL) announced that its subsidiary, ESL Steel Limited (ESL), has received an intimation from the Central Goods and Services Tax (CGST) department in Ranchi. The department has proposed a tax liability of ₹39,58,32,544, including IGST, CGST, SGST, and Cess, along with interest and penalties. This demand is related to the alleged short reversal of Input Tax Credit (ITC) during the financial years 2020-21 to 2022-23. ESL is currently reviewing the intimation and plans to take appropriate legal steps. The company does not anticipate any significant financial or operational impact from this notice.
Key Highlights
- ESL Steel, a Vedanta subsidiary, received a ₹39.58 Cr tax demand notice.
- The demand is for alleged short reversal of Input Tax Credit (ITC).
- The period under review is FY 2020-21 to FY 2022-23.
- ESL is examining the notice and will take legal steps.
- No significant financial or operational impact is expected.
Price Impact
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