2023-12-23 19:25:33
Falco GST Notification: Vedanta’s subsidiary Palco has been issued a notice to pay Rs 84.7 crore as Goods and Services Tax (GST). Bharat Aluminum Company Limited (BALCO), a subsidiary of Anil Aggarwal-led Vedanta, has been issued a notice demanding payment of Rs 84.7 crore as goods and services tax.
The company informed the stock exchange that a demand notice has been issued from the office of the Joint Commissioner, Bilaspur, Chhattisgarh related to the financial year 2017-18. Total GST Rs. 84,70,09,977, while an additional 10% penalty and interest has been levied on this amount. The company said that Balco is evaluating the next steps to be taken in this matter.
A leading company from metals to the Union Ministry of Mines, the directive is not expected to have any financial impact on the company.
Let us tell you that Falco was once a government owned unit. In 2001, the Union Ministry of Mines sold its 51% stake in the unit and Vedanta took it over. Balco’s main operations are centered at Gorba in Chhattisgarh. The company supplied high grade bauxite to mines located at Kawartha and Mainpat.
Vedanta posted a loss of Rs 915 crore in the second quarter. Vedanta posted a consolidated net loss of Rs 915 crore in the July-September quarter this year, while it posted a net profit of Rs 2,690 crore in the same period last year.
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