Prominent cement manufacturer UltraTech Cement is facing two demand orders, along with interest and penalties, amounting to Rs 72.06 lakh from GST authorities. The company has announced its intent to challenge these orders before the appellate authorities.
The first order, received from the Assistant Commissioner in Bathinda, demands “Rs 25.11 lakh together with interest and penalty,” citing non-reflection of ISD (Input Service Distributor) credit in the FY18 statement, as per a regulatory filing on Friday.
Subsequently, on Saturday, UltraTech revealed the receipt of another order from the Deputy Commissioner of State Tax in Bhavnagar, seeking “Rs 46.95 lakh together with interest and penalty.” This order alleges the inappropriate availing of ITC (input tax credit).
UltraTech maintains confidence in its position, asserting that it has a “good case on merits to defend the matter before the Appellate Authorities.” The company has committed to contesting the orders and anticipates no significant financial impact.
With a consolidated capacity of 138.39 million tonnes per annum (MTPA) of grey cement, UltraTech Cement remains a formidable player in the industry.