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UltraTech Cement has received a GST demand notice amounting to INR 782.2 crore for the period between FY19 and FY23, citing alleged short payment of tax and issues related to input tax credit. The company has stated that it is reviewing the order and intends to contest the demand through appropriate legal channels. The notice includes tax liability, interest and penalties, which the company maintains were imposed without due consideration of its submissions.
UltraTech Cement has been served a GST demand notice involving a total payment of INR 782.2 crore and has indicated that it will challenge the order before the appropriate legal forum. The demand relates to multiple matters covering the period from FY19 to FY23 and includes allegations of short payment of GST and improper utilisation of input tax credit. Advertisement
According to the company, the order upholds a tax liability of about INR 390.96 crore, along with applicable interest. In addition, the notice includes further interest of around INR 27.7 lakh and a penalty amount equivalent to the tax demand, taking the overall exposure to over INR 782 crore. UltraTech has stated that the order was passed without adequately considering the submissions made by the company during the proceedings.
The demand order was issued by the Joint Commissioner of Central Goods and Services Tax and Central Excise, Patna, and was received by the company during the past week. UltraTech has said it is currently examining the order in detail and evaluating all legal remedies available to it, following which it will contest the demand.
UltraTech Cement, the flagship cement company of the Aditya Birla Group, is the country's largest cement manufacturer, with an installed capacity approaching 200 million tonnes per annum.
Source - PTI
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