 "Telecom major Vodafone Idea slapped with tax penalty of ₹6.47 crore")
Telecom major Vodafone Idea (Vi) on Friday informed that it is slapped with tax penalty of ₹6.47 crore by the Central GST office in Ahmedabad.
The company is accused of wrongly taking CENVAT credit, which is a type of tax credit businesses can claim for taxes paid on equipment or capital goods. The penalty includes the unpaid tax, interest, and the fine.
Vi said it does not agree with the decision and will appeal in court. The total financial impact equals the penalty along with the tax and interest the company owes.
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