Quick Summary
UltraTech Cement, a leading player in the cement industry, has encountered a GST setback as it received an order from the Assistant Commissioner, CGST C. Ex Division 3, Bhavnagar. The order demands a payment of Rs 1.14 crore, inclusive of interest and penalty, alleging non-payment of differential GST on royalty for mined limestone. The company, however, plans to contest the order through legal channels, citing that the differential duty with interest had already been deposited but not acknowled
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FAQ :
UltraTech Cement has been ordered to pay a total of Rs 2.28 crore, which includes Rs 1.14 crore for GST, plus interest and a penalty of Rs 1.14 crore.
The demand is for alleged non-payment of differential GST on royalty for mined limestone.
No, UltraTech Cement plans to contest the order through legal channels.
The company states that the differential duty with interest had already been deposited but was not acknowledged by the authority.
The company reported a 68.76% growth in consolidated net profit for the quarter ending September 30, 2023, reaching Rs 1,280.38 crore.
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