UltraTech Cement receives favorable ESG rating, GST appeal update

UltraTech Cement Limited has received an ESG rating of 'Crisil ESG 59' under the "Adequate" category, along with a 'Crisil Core ESG 64' rating for FY2024-25 from Crisil ESG Ratings & Analytics Limited. These ratings are independently issued based on data from FY2024-25 and other publicly available information.

In a separate development, UltraTech Cement reported an update regarding a Goods and Services Tax (GST) matter. The company previously disclosed a demand of INR 1,463,754, including interest and penalty, from the Superintendent, Rajula, Bhavnagar – 3, Amreli, Gujarat, as of May 9, 2024. The alleged violation involved ineligible ITC availed and utilized on invoices where the vendor did not file GSTR-3B or pay tax.

UltraTech Cement has now received an Order-in-Appeal from the joint commissioner (appeals), GST & Central Excise, Rajkot. This appellate authority has set aside the initial demand raised under Section 74 and has remanded the matter for fresh adjudication under Section 73 of the CGST Act, 2017. The company states there is no material financial impact from this development.