Shree Cement receives GST Demand worth Rs.41 crore for valuation and excess Input Tax Credit:

Shree Cement receives GST Demand worth Rs.41 crore for valuation and excess Input Tax Credit Shree Cement Ltd, situated in Rajasthan, has received a Goods and Services Tax (GST) demand order from the Deputy Commissioner, State Tax, Special Circle, Patna, Bihar. The order seeks a total of Rs.41.10 crore, including tax, interest, and penalties. "We officially submit that the company has received a GST demand order from the Deputy Commissioner, State Tax, Special Circle, Patna, Bihar," Shree Cement stated in its regulatory filing. The demand order, issued in Form GST DRC-07, contains a tax demand of Rs.23.55 crore, interest of Rs.15.19 crore, and a penalty of Rs.2.35 crore. The order, which is dated February 24, 2025, cites valuation difficulties and excess Input Tax Credit (ITC) as the reasons for the demand. Shree Cement argued that the order will not have a significant financial impact on them. The company intends to challenge the demand by filing an appeal under Section 107 of the Bihar GST Act by May 23, 2025. "The order has no big financial implications on the corporation. The contentions are not agreed, and an appeal under Section 107 of the Bihar GST Act will be submitted on or before May 23, 2025 (within three months of the date of communication of the order)," Shree Cement noted. Shree Cement Ltd's shares closed at Rs.28,440.25, up Rs.72.00 or 0.25% on the BSE.