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GST impact: Ultratech passes on tax benefits, cuts cement price by 3%

Cement has been taxed at 28% under the GST as compared to 30 to 31% previously

Press Trust of India  |  New Delhi 

Workers walk in front of an UltraTech concrete mixture truck at the construction site of a commercial complex on the outskirts of Ahmedabad
Workers walk in front of an UltraTech concrete mixture truck at the construction site of a commercial complex on the outskirts of Ahmedabad

firm Cement today said it has reduced prices of its products by 2-3 per cent, extending benefits of tax reduction under the regime.

The company has started supply of batches on new rates from July 1 from its warehouses, when the new came into force.


"There will be somewhere 2 to 3 per cent reduction in because of reduction in due to We are extending our tax benefits to who would then forward it to the end consumers," Cement Chief Financial Officer Atul Daga told PTI.

Cement has been taxed at 28 per cent under the as compared to 30 to 31 per cent in the previous system of

The reduction in prices would vary from state to state, he said, adding "whatever the difference in rates according to each market has been computed and the impact has been given in the new prices".

In the national capital, a cement bag of 50 kg is currently available at around Rs 315.

When asked if cement demand would pick up following price reduction, he said it will be gradual depending on how and development shape up.

Last month, ahead of implementation cement offtake by had slowed down due to speculation over

"That was a temporary reduction ... This will now convert into cumulative purchase," Daga added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, July 04 2017. 18:18 IST
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