Leading cement maker UltraTech Cement has received two demand orders, interest and penalties totalling Rs 72.06 lakh from the GST authorities. The company said it will challenge the orders before the appellate authorities.
It has received an order from Assistant Commissioner, Bathinda, for a demand of “Rs 25.11 lakh together with interest and penalty, alleging that the ISD (Input Service Distributor) credit not reflected” in the statement of FY18, the Aditya Birla Group firm said in a regulatory filing on Friday.
On Saturday, UltraTech in a regulatory informed that it has received another order on GST from Deputy Commissioner, State Tax, Bhavnagar, raising demand for “Rs 46.95 lakh together with interest and penalty, alleging availing ineligible ITC (input tax credit )”.
According to UltraTech, it has a “good case on merits to defend the matter before the Appellate Authorities” and shall contest the order. The order has no major financial impact on the company, it added.
Read more at: FINANCIAL EXPRESS
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