UltraTech Cement has received an order from the Joint Commissioner, Central Goods and Services Tax & Central Excise, Patna. The company is reviewing the order, which alleges short payment of GST and improper utilization of Input Tax Credit from 2018-19 to 2022-23. UltraTech is considering all legal options to contest the demand. The company does not anticipate any operational or financial impact.
Details of the Order
UltraTech Cement has been notified of an order issued by the Joint Commissioner, Central Goods and Services Tax & Central Excise, Patna, concerning alleged discrepancies in GST payments.
Key Issues Raised
The order pertains to alleged short payment of GST and improper utilization of Input Tax Credit during the financial years 2018-19 to 2022-23. The tax liability is ₹3,90,95,58,194 plus applicable interest. There is also an additional interest amount of Rs 27,68,289 and a penalty of ₹3,90,95,58,194.
Company’s Response
UltraTech Cement is currently reviewing the order and is actively exploring all available legal avenues to challenge the demand. The company believes that the order was passed without due consideration of the submissions made.
Impact Assessment
UltraTech Cement does not anticipate any significant operational or financial repercussions as a result of this order. The company is committed to pursuing a resolution through appropriate legal channels and is confident in its position.
Source: BSE