UltraTech Cement slapped with ₹800cr tax notice
What's the story
India's largest cement maker, UltraTech Cement, has been slapped with a Goods and Services Tax (GST) demand notice of around ₹782.2 crore. The company plans to challenge the notice in the relevant forum. The order was issued by the Joint Commissioner of Central Goods and Services Tax & Central Excise, Patna on Friday.
Legal challenge
UltraTech to contest GST demand notice
UltraTech has said it is reviewing the order and considering all legal options to contest the demand. The company said the order was issued without due consideration of its submissions. The notice pertains to alleged short payment of GST and improper utilization of Input Tax Credit between FY 2018-19 and 2022-23. In its regulatory filing, UltraTech said the order "upholds tax liability of ₹390.9 crore plus applicable interest on tax demand; additional interest ₹27.7 lakh and penalty of ₹390.9 crore."
Financial impact
Financial performance and market position
UltraTech Cement's penalty and interest amount to nearly two-thirds of its ₹1,232 crore profit in the second quarter ended September 2025. The company's revenue for the period rose 20.3% to ₹19,607 crore year-on-year. Despite the GST demand notice, UltraTech shares have remained stable this year. The company is reviewing the order and considering all legal options to contest the demand effectively.