UltraTech Cement; GST demand rises to Rs. 28.9 billion due to alleged excess ITC in FY2023

Reuters03-25 21:40

UltraTech Cement; GST demand rises to Rs. 28.9 billion due to alleged excess ITC in FY2023

UltraTech Cement said it received an Order in Original from the Deputy Commissioner, State Goods and Services Tax, Maharashtra confirming a tax demand of Rs. 28,969,229,000.
The order also confirms interest of Rs. 15,000,505,000 and a penalty of Rs. 2,896,692,000.
The matter relates to the acquired cement business of Kesoram Industries involving alleged excess ITC availment, ineligible ITC claimed and short payment of tax liability.
The company said it will contest the demand and does not expect the order to have any material financial impact.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UltraTech Cement Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: I8FOS833Z124Z5C2) on March 25, 2026, and is solely responsible for the information contained therein.

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ID: I8FOS833Z124Z5C2) on March 25, 2026, and is solely responsible for the information contained therein.</span></i>\n</p>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999006266.SGD","symbol_name":"MANULIFE SINGAPORE EQUITY \"A\" (SGD) ACC","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20260325:nNDL75kwKm:1","article_id":"2622507199","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2622507199","pubTimestamp":1774446033,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"UltraTech Cement said it received an Order in Original from the Deputy Commissioner, State Goods and Services Tax, Maharashtra confirming a tax demand of Rs. 28,969,229,000.The order also confirms interest of Rs. 15,000,505,000 and a penalty of Rs. 2,896,692,000.The matter relates to the acquired cement business of Kesoram Industries involving alleged excess ITC availment, ineligible ITC claimed and short payment of tax liability.The company said it will contest the demand and does not expect the order to have any material financial impact.Disclaimer: This news brief was created by Public Technologies  using generative artificial intelligence. 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