Arkade Developers Receives CGST Penalty Order

Arkade Developers Ltd. has received an order from the Assistant Commissioner (Appeals Thane), Central Goods and Services Tax and Central Excise Thane Commissionerate, imposing a tax demand of ₹1,14,62,603 and a penalty of ₹11,46,260 under the CGST Act, 2017. The GST department disallowed Input Tax Credit (ITC) for certain transactions during FY19-20, FY20-21, and FY21-22. The company is evaluating legal options and considering filing an appeal, but anticipates no material impact on its financial or operational activities.