UltraTech Cement Shares in Focus; Receives Order for Non-Payment of GST

UltraTech Cement (NSE: ULTRACEMCO) has been issued an order by the Additional Commissioner, CGST & Central Excise, Ujjain, confirming a GST demand of ₹17.02 crores, along with interest and penalty, for non-payment of GST on royalty fees under reverse charge mechanism.

Penalty Details

UltraTech Cement Limited has disclosed that it received an order from the Additional Commissioner, CGST & Central Excise, Ujjain, on December 24, 2024.

The order confirms a demand for GST, interest, and penalty amounting to ₹17.02 crores, related to the alleged non-payment of GST on the amount paid as royalty or upfront fees under the reverse charge mechanism.

The company is currently reviewing the order and will decide on the next steps in this matter. The disclosure has been made in compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other relevant guidelines.

Recent Business Development

Kumar Mangalam Birla-led UltraTech Cement has significantly increased its stake in India Cements by acquiring an additional 32.72% equity shares. With this acquisition, UltraTech’s total shareholding in India Cements has risen to 55.49%, up from the previous 22.77% stake. This makes UltraTech the majority shareholder in India Cements.

Share Price Performance

At 9:40 AM on the NSE, UltraTech Cement’s share price traded at ₹11,421.40, reflecting a 0.27% increase. The stock opened at ₹11,390.35, unchanged from its previous close.

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