UltraTech Cement has received an order from the Assistant Commissioner, CGST & C. Ex Division 3, Bhavnagar raising demand for GST of Rs 1.14 crore together with interest and equivalent penalty for alleged non-payment of differential GST on royalty of mined limestone, the company said in a BSE filing.
“Order passed confirming demand for GST Rs. 1,14,87,546 + Interest + Penalty Rs 1,14,87,546 on differential GST @13% (18% less 5%) on royalty on mined limestone,” it said in the regulatory filing.
The company will seek legal recourse to contest the above order since the differential duty with interest was already deposited, but has not been taken cognizance of by the authority.
It reported a growth of 68.76 per cent in its consolidated net profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 1,280.38 crore in Q2 FY24 as against Rs 758.70 crore it registered in the corresponding quarter of the previous fiscal.
The company’s total consolidated income stood at Rs 16,179.26 crore in Q2 FY24, a growth of 15.25 per cent from Rs 14,038.95 crore it recorded in the similar quarter last year.
As on September 30, 2023, the company’s net worth stood at Rs 58,203.83 crore, debt-equity ratio was 0.18, total debts to total assets ratio was 11%, current ratio was 1.05, current liability ratio was 51%, operating margin was 16% and net profit margin was 8%.
