UltraTech Cement gets ₹7.92 crore GST demand from Karnataka authority

By: Admin
April 23, 2024
Categories: GST Recent News
4 Min Read

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 ₹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

  • 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: ₹3,93,17,375

Interest: ₹3,59,86,710

Penalty: ₹39,31,738

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

Source from: https://www.cnbctv18.com/business/ultratech-cement-rupees-8-crore-gst-demand-karnataka-authority-19400406.htm

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