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“…we hereby submit that the company has received a GST demand order from the Deputy Commissioner, State Tax, Special Circle, Patna, Bihar,” Shree Cement said in a regulatory filing.
The demand order, issued in Form GST DRC-07, includes a tax demand of ₹23.55 crore, interest of ₹15.19 crore, and a penalty of ₹2.35 crore. The order, received on February 24, 2025, cites valuation issues and excess Input Tax Credit (ITC) availed as the reasons for the demand.
Also Read: Dividend Stock: Cement company has paid nearly ₹350 to shareholders in the last three years
Shree Cement stated that the order does not have a major financial impact on the company. The company plans to challenge the demand by filing an appeal under Section 107 of the Bihar GST Act before May 23, 2025.
“The order has no major financial impact on the company. The contentions are not agreed and Appeal u/s 107 of Bihar GST Act will be filed on or before 23.05.2025 (within 3 months from the date of communication of order),” Shree Cement added.
Shares of Shree Cement Ltd ended at ₹28,440.25, up by ₹72.00, or 0.25% on the BSE.
Also Read: Shree Cement expects 8-10% volume growth in FY25
