UltraTech Cement gets Rs. 7.92 crore GST demand from Karnataka authority

UltraTech Cement Limited has disclosed in a regulatory filing that is has received an order from the Deputy Commissioner, Divisional GST Office (DGSTO), Kalaburagi, Karnataka, demanding payment for GST, interest, and penalties amounting to Rs. 7,92,35,823.

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015).

The specifics of the order are as follows:

Issuing authority: Deputy Commissioner, DGSTO, Kalaburagi, Karnataka
Nature of Action: Demand for GST, interest, and penalty
Date of Direction: April 22, 2024

Violations Alleged/head

– Alleged non-reversal of Input Tax Credit (ITC) on Short declaration of tax by vendor in GSTR-3B
– Alleged non-reversal of ITC on inward supply invoices not reflected in GSTR-2A

Financial Impact
GST: Rs.3,93,17,375
Interest: Rs.3,59,86,710
Penalty: Rs.39,31,738

In a letter addressed to shareholders and investors, Sanjeeb Kumar Chatterjee, the Company Secretary and Compliance Officer, stated, “The company has a good case on merits and will contest the order.”