UltraTech Cement Limited has informed the Exchange about order passed by Deputy Commissioner, State Goods and Services Tax, Maharashtra
ULTRACEMCO · price
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UltraTech Cement has received an Order in Original from the Deputy Commissioner, State GST, Maharashtra, confirming a tax demand of about Rs. 28.97 crore, along with interest of Rs. 15 crore and penalty of Rs. 2.90 crore, totalling roughly Rs. 46.87 crore. The order relates to alleged excess input tax credit claims, ineligible ITC, and short payment of tax for FY 2022-23 connected to the cement business it acquired from Kesoram Industries. The company has stated it will contest the demand and does not expect any material financial impact on its operations.
For shareholders, the total demand is small relative to UltraTech's overall scale and the company has flagged it as immaterial and intends to fight it, so near-term stock impact should be limited. However, investors should watch for further updates on the appeal, as prolonged disputes can create minor overhang.