UltraTech Cement Limited has informed the Exchange about Action(s) taken or orders passed
ULTRACEMCO · price
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UltraTech Cement has received an order from the Joint Commissioner (Appeals), GST & Central Excise, Rajkot, in connection with a prior GST demand of Rs. 14,63,754 (plus interest and equivalent penalty) raised by the Superintendent in Amreli, Gujarat. The appellate authority has set aside the original demand raised under Section 74 of the CGST Act and remanded the matter for fresh adjudication under Section 73, which is a comparatively milder provision. The underlying allegation relates to ineligible input tax credit (ITC) claimed on invoices from a vendor who did not file GSTR-3B or remit tax. The company has stated there is no material financial impact from this order.
This is a partial relief for UltraTech — the original GST demand has been quashed at the appellate level, though the matter has been sent back for re-examination. Since Section 73 generally carries lower penalties and a shorter limitation period than Section 74, the outcome is broadly favourable for shareholders with no material financial impact disclosed.