Vedanta Limited (NSE: VEDL) confirmed it has received an order from the Office of the Principal Commissioner of Central Tax in Visakhapatnam, demanding a penalty amounting to ₹319.79 crore related to the Oil Industry Development (OID) Cess for Videocon Industries Limited’s share in the Ravva oil and gas block. The demand pertains to non-payment of OID Cess for Videocon’s share from December 2019 to March 2023.
Key Details:
- Entity Involved: The tax demand is solely for Videocon Industries Limited’s share in the joint venture, with no financial liability on Vedanta’s share.
- Impact on Vedanta: Vedanta clarified that it does not anticipate any operational or financial impact on the company itself, as the penalty is specific to Videocon’s obligations.
- Next Steps: Vedanta is evaluating the order and considering an appeal to the appropriate appellate authority.
This development reflects Vedanta’s commitment to compliance, as the company takes steps to address this matter with the concerned authorities.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice.
