Subsidiary ESL Steel receives Rs 15.74 crore GST demand notice for FY2020 to FY2023
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ESL Steel, subsidiary of Vedanta Iron and Steel, received a GST intimation from the Central Tax Department, Ranchi alleging short payment of GST under Reverse Charge Mechanism for FY2020-21 to FY2022-23. Proposed tax liability is Rs 15.74 crore (IGST Rs 7.87 crore, CGST Rs 3.93 crore, SGST Rs 3.93 crore) plus interest and penalty. ESL is evaluating legal options and will respond within prescribed timelines. Company states no material financial or operational impact is expected.
Tax demand on subsidiary. Company says no material impact and will contest. Investors should monitor outcome.