Hindustan Zinc receives CGST penalty notice from CGST Udaipur

On Monday, October 9, Hindustan Zinc Ltd (HZL) announced that it has received information regarding a penalty-imposition order made by the Assistant Commissioner, Central GST Audit Circle, CGST, Udaipur.

According to Section 74(9) of the CGST Act of 2017, in conjunction with the pertinent provisions of the SGST Act of 2017, and Section 20 of the IGST Act of 2017, the penalty relates to the alleged improper use of an input tax credit.

According to a stock exchange report, Hindustan Zinc received the order, which was dated October 4, 2023, on October 8 of that year. It comes from the Central GST Audit Circle, Div-A Assistant Commissioner, CGST, Udaipur, and imposes a fine of Rs.1.81 crore for the time frame of July 2017 to March 2018.

However, Hindustan Zinc continues to be optimistic about the circumstance. According to its analysis and the current legal landscape, the corporation is confident in its position.

As a result, it assumes that the appellate level will result favourably. In addition, Hindustan Zinc does not anticipate that the aforementioned order will have a substantial financial impact.