UltraTech Cement Faces GST Order; Company to Contest Demands

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UltraTech Cement Faces GST Order; Company to Contest Demands

Team Finance Saathi

03/Feb/2025

What's covered under the Article:

Order from CGST & Central Excise Commissionerate in Shimla.
Company's intention to contest the GST demand.
Financial implications, including tax, interest, and penalty.

UltraTech Cement Limited has disclosed the receipt of an order from the Additional Commissioner, CGST & Central Excise Commissionerate, Shimla, dated 2nd February 2025, in which the company was informed about a demand related to GST on AGT collected for ex-works cement supply. The order follows a Show Cause Notice and confirms the demand, along with associated penalties.

Key Details:

Nature of the Action: The order confirms the demand proposed in the previous Show Cause Notice regarding non-payment of GST on the AGT collected for ex-works cement supply.
Financial Impact: The company faces a tax demand of Rs. 3,49,57,093, plus interest and penalty amounting to an additional Rs. 3,49,57,093. The total impact could amount to Rs. 6,99,14,186.
Company's Next Steps: UltraTech Cement plans to contest the demands and is reviewing the situation closely.

Implications:

The company assures investors that it is actively reviewing the order and intends to take appropriate action. The disclosure is in compliance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements and other relevant guidelines. Further developments will be communicated in due course.

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UltraTech Cement Faces GST Order; Company to Contest Demands

Key Details:

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