Shree Cement Gets ₹41.10 Crore GST Demand Notice from Bihar Tax Authorities

26 Feb 2025 , 11:13 PM

Rajasthan-based cement producer Shree Cement Ltd has said that it has received a GST demand order from Bihar’s Deputy Commissioner of State Tax, Special Circle, Patna.

It has issued the demand order, dated February 24, 2025, for an aggregate payment of ₹41.10 crore, comprising tax, interest and penalties. While ₹23.55 crore is tax, ₹15.19 crore is interest and ₹2.35 crore is penalty.

This order has been issued in Form GST DRC-07, against differences in valuation by the tax officer and excess Input Tax Credit (ITC). The demand does not have adverse implications on its financials, Shree Cement added.

The firm said that it would contest the order by filing an appeal under Section 107 of the Bihar GST Act. The appeal shall be filed by May 23, 2025, within three months of receipt of the order.

In the National Stock Exchange, shares of Shree Cement Ltd closed at ₹28,100 on February 25, 2025 which is a 0.68% dip than the previous close. Shree Cement Ltd stock has witnessed a total of 7.66% surge in the last one year, and 11.81% gain in the last one month.