UltraTech Cement Faces Rs 782 Cr GST Demand

• UltraTech Cement gets Rs 782.2 cr GST demand for 2018-23, plans to contest order.
• Patna authorities cite short GST payment and Input Tax Credit issues.
• ICICI Bank also faces Rs 238 cr GST demand; UltraTech share price rises.

UltraTech Cement, the Aditya Birla Group flagship and India’s largest cement producer, has received a Goods and Services Tax (GST) demand notice of Rs

782.2 crore. According to the company's exchange filing, the company plans to contest the order before the appropriate forum. "The Company is reviewing the Order, considering all legal options, and accordingly would be contesting the demand," it said. The notice, issued by the Joint Commissioner of Central Goods and Services Tax and Central Excise, Patna, relates to alleged short payment of GST and improper utilisation of Input Tax Credit during 2018-19 to 2022-23, PTI reported. UltraTech said the order was passed “without due consideration of the company’s submissions.” According to the regulatory filing, the tax authority has upheld a liability of Rs 3,90,95,58,194, along with additional interest of Rs 27,68,289 and a penalty of Rs 3,90,95,58,194, PTI added. The company stated that it is reviewing the order and will explore all legal options to contest the demand.

ICICI Bank Faces Rs 238 Cr GST Demand

UltraTech’s notice follows a similar move by GST authorities against ICICI Bank, which last week received a demand notice of Rs 238 crore. The bank’s order, issued under Section 73 of the Maharashtra GST Act, 2017, includes Rs 216,27,31,316 in tax and Rs 21,62,73,132 as penalty, along with applicable interest, PTI reported.

The bank will take appropriate steps, including contesting the order through a writ petition/appeal within prescribed timelines, the exchange filing said.

UltraTech Cement Share Price

On Friday (December 19), the share price of the cement company was settled 0.3 per cent or Rs 36.25 higher at Rs 11497.15. UltraTech Cement is a part of the BSE SENSEX and has a market capitalisation of Rs 3,38,797.06 crores.

(From PTI inputs)

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)