Sri Lotus Developers Receives Tax Order Pertaining to GST Liabilities for Three Fiscal Years
Sri Lotus Developers and Realty Limited has received an order from the Office of the Assistant Commissioner of State Tax, Mumbai, regarding alleged liabilities under Section 74 of the Central Goods and Services Tax (CGST) Act, 2017 and the Maharashtra Goods and Services Tax (MGST) Act, 2017.The Order in Form GST DRC-07 was received on June 18, 2026. The communication relates to matters involving tax, interest, and penalty across three fiscal years: FY 2020-21, FY 2021-22, and FY 2023-24.
The company has stated that it is in the process of filing an appeal against the order, as the management believes that the alleged demand is not tenable.
Financial Details of GST Liabilities
The order pertains to a comprehensive liability encompassing tax, interest, and penalty across CGST and SGST for the specified periods. The financial details related to the Order are summarized below:| Period | Tax Component | Amount (₹) |
|---|---|---|
| FY 2020-21 | CGST | 3,44,696 |
| FY 2021-22 | CGST | 1,79,17,983 |
| FY 2023-24 | CGST | 27,976 |
The Order details include the following breakdown across all three fiscal years:
| Period | Tax (₹) | Interest (₹) | Penalty (₹) |
|---|---|---|---|
| FY 2020-21 | 3,44,696 | 3,03,937 | 3,44,696 |
| FY 2021-22 | 1,79,17,983 | 1,31,25,777 | 1,79,17,983 |
| FY 2023-24 | 27,976 | 9,133 | 27,976 |
The company noted that the tax component of these liabilities has already been paid under protest.
Company Stance and Impact Assessment
Regarding the matter, Sri Lotus Developers and Realty Limited affirmed that it is contesting the claims raised in the Order through appeal with the Appellate Authority within the prescribed timeline.Concerning the financial implications, the company reported that there is no material impact on the financials or operations of the Company due to the said tax order. The management stated that they are pursuing an appeal, along with all necessary information and supporting documents, disputing the demand raised in the order.
LOTUSDEV Stock Price Movement
Today, Sri Lotus Developers and Realty Limited shares edged higher to settle at ₹141.14, following a modest gain of 0.1% in trading. The stock experienced an intraday range between ₹140.5 and ₹143.4, with 182,403 shares being traded 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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