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News Topical, Digital Desk : Vodafone Idea announced after the stock market closed on Thursday that it had received a GST penalty order from the GST department. In a filing to the exchange, the company stated that it had received a penalty order of ₹638 crore from the GST department. The company stated that it received this order under Section 74 of the Central Goods and Services Tax (CGST) Act, 2017.
This order was issued by the office of the Additional Commissioner, Central Goods and Services Tax, Ahmedabad South. The GST department has accused the company of underpayment of taxes and over-utilization of input tax credit (ITC). The company stated that the order imposed a penalty of ₹6.38 crore, including applicable tax demand and interest. However, Vodafone Idea disagreed with the order. The company stated that it does not accept the penalty order and will take appropriate legal action against it. According to the company, the maximum financial impact of this order is limited to the tax demand, interest, and penalty, but it will pursue all legal options for now. The company said that it will pursue further legal proceedings in this matter and will provide investors with necessary updates from time to time.
Stock Performance The company's shares closed at ₹11.63 on Thursday, up 8.09 percent. In the past year, the company's shares have gained 45.19 percent.
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