UltraTech Cement has announced receipt of an Order in Original from the Deputy Commissioner, State Goods and Services Tax, Maharashtra, dated March 24, 2026. The order confirms a significant tax demand totaling ₹28.96 crore, plus interest of ₹15.00 crore and a penalty of ₹2.89 crore. This relates to the acquired cement business of Kesoram Industries Limited concerning alleged excess ITC availment for FY 2022-23. The company plans to contest the demand.
GST Authority Order Confirmation
On March 25, 2026, UltraTech Cement informed the stock exchanges that it had received an official Order from the Deputy Commissioner, State Goods and Services Tax, Maharashtra. This communication was received on March 24, 2026.
Details of the Order and Demand
The Order in Original confirms a substantial financial demand stemming from issues related to the acquired cement business of Kesoram Industries Limited. The specifics of the demand are as follows:
- Confirmed Tax Demand: Rs. 28,96,92,293
- Interest Payable: Rs. 15,00,05,050
- Penalty Imposed: Rs. 2,89,69,229
The allegation leading to this order involves alleged excess ITC availment, ineligible ITC claimed, and short payment of tax liability pertaining specifically to the financial year 2022-23.
Company Response and Financial Impact
UltraTech Cement has stated its intention to actively contest the demand issued by the authority. Crucially, the management indicated that they do not expect the said Order to have any material financial impact on the Company, despite the large nominal figures involved.
Source: BSE
