Hindustan Oil Exploration Company Limited Receives Tax Penalties for IGST Non-Payment
Hindustan Oil Exploration Company Limited has received two separate orders from the State Tax Officer, (Legal & Adjudication), Chengalpattu Intelligence Division, Chengalpattu, involving penalties related to the non-payment of Integrated Goods and Services Tax (IGST) under the Reverse Charge Mechanism.The issues pertain to legal services received by the company from outside India during specific financial periods. The company has stated that the financial implications of these orders are not material and do not impact its financial position or ongoing operations.
Penalty Details and Order Timelines
The company received two distinct orders involving tax demands, applicable interest, and penalties for different periods:| Date of Receipt | Period Involved | Nature of Violation | Penalty Amount |
|---|---|---|---|
| July 15, 2026 | 2022-2023 | Non-payment of IGST on legal services from outside India | Rs. 317,358 |
| July 13, 2026 | 2020-2021 | Non-payment of IGST on legal services from outside India | Rs. 268,956 |
Company Response and Actions
Hindustan Oil Exploration Company Limited is currently in the process of filing revised returns to discharge the demands raised by the authority for both orders. The company confirmed that it was reviewing the contents of the orders to determine the necessary subsequent steps.HINDOILEXP Stock Price Movement
Hindustan Oil Exploration Company Limited shares on Friday slipped by 1.61% to settle at ₹155.53. The stock traded with a volume of 362,205 shares as it retreated from its opening price of ₹157.9.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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