UltraTech Cement Limited has informed the Exchange about order passed by Assistant Commissioner, State Goods and Services Tax, Maharashtra
ULTRACEMCO · price
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UltraTech Cement has received an Order in Original from the Assistant Commissioner of State GST, Maharashtra, confirming a tax demand of Rs. 1.08 crore along with interest of Rs. 1.17 crore and an equal penalty of Rs. 1.08 crore, totalling roughly Rs. 33.4 crore in potential exposure. The order relates to allegedly ineligible input tax credit (ITC) availed on blocked credits for FY 2019-20. The company has stated it will contest the demand in appeal and does not view the order as having any material financial impact on its operations or financials.
For shareholders, the order is relatively small in the context of UltraTech's overall scale, and the company has committed to contesting it. Near-term stock impact is likely limited, though the final outcome of the appeal will determine the actual hit.