Sri Lotus Developers and Realty Receives GST Show Cause Notices for Multiple Financial Years
Sri Lotus Developers and Realty Limited, which successfully merged with Veer Savarkar Projects Private Limited, announced that the company has received Show Cause Notices (SCNs) concerning alleged tax liabilities. The notices pertain to Goods and Services Tax (GST) and Maharashtra Goods and Services Tax (MGST) for several financial years.The notices, received from the Office of the Assistant Commissioner of State Tax, Mumbai, Maharashtra, are detailed in Form GST DRC-01. They relate to alleged violations under Section 74(1) of the Central Goods and Services Tax (CGST) Act, 2017, and the Maharashtra Goods and Services Tax (MGST) Act, 2017. The financial years covered by these notices are 2020-21, 2021-22, and 2023-24.
The company confirmed that it has already paid the tax component associated with these liabilities under protest.
Financial Details of Alleged Liabilities
The notices detail alleged liabilities involving tax, interest, and penalty components across the specified periods.| Financial Year | Tax (CGST) | Tax (SGST) | Interest (CGST) | Interest (SGST) | Penalty (CGST) | Penalty (SGST) |
|---|---|---|---|---|---|---|
| 20-21 | 3,44,696 | 3,44,696 | 3,03,937 | 3,03,937 | 3,44,696 | 3,44,696 |
| 21-22 | 1,79,17,983 | 1,79,17,983 | 1,31,25,777 | 1,31,25,777 | 1,79,17,983 | 1,79,17,983 |
| 23-24 | 27,976 | 27,976 | 9,133 | 9,133 | 27,976 | 27,976 |
According to the company, the incident is expected to have no material impact on its financial standing, operations, or other activities.
Sri Lotus Developers and Realty Limited stated that it will submit an appropriate and detailed response to the Show Cause Notice. This response is intended to contest the allegations and claims raised by the authorities before the appropriate governing body.
LOTUSDEV Stock Price Movement
On Tuesday, shares of Sri Lotus Developers and Realty Limited slipped by 0.84% to close at ₹147.29. The stock settled on a volume of 778,334 shares during the trading 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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