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News Shree Cement fined US$481m for alleged fraudulent tax deduction claims

Shree Cement fined US$481m for alleged fraudulent tax deduction claims

Written by Global Cement staff 05 January 2024
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India: The government’s Income Tax Department fined Shree Cement US$481m on 5 January 2024. The fine is for the company’s use of falsified bills in relation to a non-existent waste management plant to claim US$1.02bn-worth of tax deductions between April 2014 and March 2023.

The Economic Times newspaper, breaking the story, reported that neither Shree Cement nor the Income Tax Department has yet issued a statement.

Last modified on 10 January 2024
Published in Global Cement News
Tagged under
  • India
  • Shree Cement
  • Government
  • Tax
  • Fraud
  • Raid
  • Fine
  • GCW641
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