Kolte-Patil Developers Receives GST Intimations Re: Redevelopment Projects and TDR Purchase
Kolte-Patil Developers Limited has received intimations from the Assistant Commissioner of State Tax, Mumbai, concerning a significant tax liability related to the purchase of Tender Documents Rights (TDR) and construction services provided under their redevelopment projects.The company confirmed receipt of these communications on June 3, 2026. The demand pertains to the financial years spanning April 1, 2020, to March 31, 2026.
The intimations relate to three specific areas: the purchase of TDR; construction services provided to society members during redevelopment projects; and procurement of development rights from society members in exchange for these construction services.
Financial Implications of GST Demand
A total liability amounting to Rs. 64,41,50,436/-, including interest and penalties, has been identified by the tax authority. The intimations also specify a penalty amount of Rs. 6,95,34,328/- related to these matters.The details regarding the financial demand are summarized below:
| Particulars | Amount (INR) |
|---|---|
| Total GST Liability (including interest and penalties) | Rs. 64,41,50,436/- |
| Specified Penalty Amount | Rs. 6,95,34,328/- |
Company Response and Legal Strategy
In response to the notifications received from the GST authority, Kolte-Patil Developers Limited stated that its preliminary assessment indicates that the levy of GST, along with associated interest and penalties, is wholly erroneous and unsustainable in law. The company maintains that the demand is arbitrary and unjustified when viewed against the facts of their case.The company possesses reasonable grounds to defend its position in this matter and plans to initiate appropriate legal action within the permissible timelines. However, Kolte-Patil Developers Limited reported that it does not currently envisage any relevant impact on its operations or other aspects of the business from this demand.
KOLTEPATIL Stock Price Movement
Kolte - Patil Developers Limited shares today slipped by 0.45% to settle at ₹365.00 in post-market trading. The company’s equity saw a traded volume of 57,658 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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