Vedanta's BALCO Hit with Rs 2.2 Million Fine in New Tax Order

Bharat Aluminium Company (BALCO), a subsidiary of Vedanta Limited, has been slapped with a tax order reaffirming a fine of Rs 2.2 million (or $26,500) recently. This is the latest of a chain of tax woes experienced by the mining group over the past few months. Earlier this February, Vedanta was hit with GST penalties of Rs 141.36 crore for making ineligible Input Tax Credit claims. The company has always asserted that these orders are not likely to have any material financial effect on its business. Vedanta has already challenged such orders in the past and is likely to challenge this latest penalty too, continuing its legal fight against tax rules.
Source: Reuters