ACC Faces GST Orders; Appeals Against Demand Imposed by Chhattisgarh Tax Authorities

ACC Limited has received 2 GST orders from Chhattisgarh’s Joint Commissioner of State Tax, levying penalties and interest. The company plans to appeal to the demand and does not foresee a material impact on operations.

GST Order Details

ACC Limited, a major player in the cement industry, has received two orders from the Joint Commissioner of State Tax, Durg Division, Chhattisgarh. These orders impose GST demands along with interest and penalties for FY 2021-22 and FY 2023-24.

The company has been levied a GST demand of ₹7.69 crore with an interest of ₹3.66 crore and a penalty of ₹76.99 lakh for FY 2021-22. For FY 2023-24, a GST demand of ₹48.14 crore with interest of ₹7 crore and a penalty of ₹4.81 crore has been imposed, the company said in a press release on the stock exchanges.

The alleged violations relate to excess input tax credit (ITC) claimed in the company’s GSTR-3B returns compared to the ITC as per GSTR-2A and GSTR-2B. ACC has already reversed the excess ITC in subsequent periods as per GST regulations.

Company’s Response

The company has stated that it is taking appropriate steps to appeal these orders before the relevant authorities. However, ACC does not foresee any material impact on its financial, operational, or other activities from these developments.

Share Price Performance

On December 26, 2024, ACC Limited’s share price traded 0.32% higher at ₹2,073.25 by 1:25 PM. The stock opened at ₹2,088.80, higher than ₹2,079.90 at its previous close.

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