The Company does not agree with the order and will take appropriate action.
Telecom company Vodafone Idea Limited (VIL) has received a big blow from the GST department. The department has issued this order to the company for wrongly availing input tax credit. The department has ordered the company to pay Rs 15.19 crore. Along with this, a fine of Rs 1.51 crore has also been imposed on the company. According to Bhasha news, Vodafone Idea gave this information to the stock market on Wednesday.
The company does not agree with this order
According to Khabar, the company said in the information that the GST office in Patna has imposed this fine on it for taking advantage of input tax credit (ITC) despite not being eligible in the financial year 2019-20 and 2020-21. VIL said that it does not agree with this order and will take appropriate legal action on it. The company said that the Joint Commissioner of CGST and Central Excise in Patna passed an order under the Central Goods and Services Tax Act, 2017, demanding a penalty of Rs 1,51,92,035 and Rs 15,19,20,351 along with interest due.
The company will take the appropriate decision
Vodafone Idea Ltd received an order on August 28 alleging that it availed ineligible input tax credit for FY 2019-20 and 2020-21. The company said that the maximum financial impact is to the extent of the tax demand, interest and penalty imposed. The company does not agree with the order and will take appropriate action.
Permission was granted to raise funds
Vodafone Idea Limited received approval from the Board of Directors earlier this year to raise up to Rs 20,000 crore in February 2024. The board has also entrusted the management with the responsibility of appointing bankers, advisors and intermediaries to raise funds. Shares of Vodafone Idea Limited have also seen a lot of improvement in recent times.
Latest Business News
