Mumbai, February 3, 2025 – UltraTech Cement Limited (NSE: ULTRACEMCO, BSE: 532538) has received an order from the Additional Commissioner, CGST & Central Excise Commissionerate, Shimla, regarding alleged non-payment of Goods and Services Tax (GST) on AGT collected for ex-works cement supply.
Key Highlights:
- Authority Issuing the Order: Additional Commissioner, CGST & Central Excise, Shimla.
- Nature of Order: The order confirms the demand initially proposed in a Show Cause Notice.
- Date of Receipt: February 2, 2025.
- Alleged Violation: Non-payment of GST on AGT collected concerning ex-works cement supply.
- Financial Impact:
- Tax Demand: ₹3,49,57,093
- Interest and Penalty: ₹3,49,57,093
- Total Liability: ₹6,99,14,186
Company's Response
UltraTech Cement has stated that it is currently reviewing the order and intends to contest the demands raised by the GST authority.The company’s official filing, made under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR), notes that relevant details are provided in Annexure A of the disclosure.
Strategic Outlook
While UltraTech Cement has assured stakeholders that it will challenge the tax demand, the potential financial liability is significant. The resolution of this issue will be closely watched by investors and analysts.For further updates, UltraTech Cement has advised stakeholders to monitor regulatory disclosures on stock exchanges.