UltraTech Cement receives GST demand notice of ₹390 crore

December 21, 2025

Mumbai: UltraTech Cement Limited has received a tax demand order from the Joint Commissioner of Central Goods and Services Tax (CGST) and Central Excise, Patna, for alleged outstanding dues of approximately ₹390 crore.

The company has also been asked to pay a penalty of the same amount and interest of approximately ₹28 lakh**.

In a regulatory filing, UltraTech Cement Limited stated that the demand relates to underpayment of GST, misuse of input tax credit, and other related issues.

The company stated in its filing, “The company has received an order from the Joint Commissioner of Central Goods and Services Tax and Central Excise, Patna.”

The matter pertains to the period financial years 2018-19 to 2022-23.

Large Tax Liability Compared to Profit

This amount, including the total penalty and interest, is equivalent to nearly two-thirds of the company’s profit of ₹1,232 crore recorded in the second quarter ended September 2025.

The country’s largest cement manufacturer had performed strongly during the same quarter, with its revenue growing 20.3 percent year-on-year to ₹19,607 crore.

The company said, “The tax liability of ₹3,90,95,58,194 has been upheld in the order in original, on which, apart from applicable interest, additional interest of ₹27,68,289 and a penalty of ₹3,90,95,58,194 have been imposed.”

Considering legal options, limited impact on shares

However, the company clarified that it is considering all legal options to challenge this order.

UltraTech stated that it does not expect this tax demand to have any impact on its operations or financial position.

The company is scheduled to announce its financial results for the current third quarter on January 24, 2026.

The company further stated, “The company is reviewing this order, considering all legal options, and will challenge this demand accordingly. It does not expect any operational or financial impact from this order.”

Meanwhile, UltraTech Cement shares have remained almost flat so far this year. In the latest trading session, the company’s stock closed at ₹11,497, up ₹36, or 0.31 percent.