Key Quantitative Figures
- Total GST liability claimed: ₹103,81,78,300 (One Hundred Three Crores Eighty One Lakhs Seventy Eight Thousand Three Hundred only)
- Penalty amount: ₹46,35,62,192 (Forty Six Crores Thirty Five Lakhs Sixty Two Thousand One Hundred Ninety Two only)
- Incremental penalty increase: ₹39,40,27,864 (Thirty Nine Crores Forty Lakhs Twenty Seven Thousand Eight Hundred Sixty Four only) compared to earlier intimation
Parties Involved
- Issuing authority: Office of the Assistant Commissioner of State Tax Jurisdiction, Mumbai, Maharashtra
- Recipient: Kolte-Patil Developers Limited
Subject Matter
The show cause notices pertain to GST treatment of:
- Purchase of TDR (Transferable Development Rights)
- Construction services provided to society members under redevelopment projects
- Development rights procured from society members in lieu of construction services under redevelopment projects
Company's Response and Position
The Company, based on its preliminary assessment, believes that levy of GST along with interest and penalty is:
- Wholly erroneous and not sustainable in the eyes of law
- Without appreciating the facts of their case
- Arbitrary, unjustified and unsustainable in law
The Company has reasonable grounds to defend its position and will take appropriate legal action within permissible timelines.
Financial Impact Assessment
The disclosure states the total claimed amount but notes the company believes the levy is erroneous. The actual financial impact will depend on the outcome of legal proceedings.
ISIN Details
- Equity: INE094I01018
- Debt: INE094I07049, INE094I07064, INE094I07072, INE094I07080, INE094I07098
Compliance Officer
Vinod Patil, Company Secretary and Compliance Officer (Membership No. A13258)