Tax & Penalty28 Apr 2026, 09:53 pm
Sri Lotus Developers receives ₹10 Cr GST Show Cause Notice
AI Summary
Sri Lotus Developers and Realty Ltd announced that its merged entity, Veer Savarkar Projects Private Limited, has received a Show Cause Notice (Form GST DRC-01) from the Assistant Commissioner of State Tax, Mumbai. The notice, dated April 28, 2026, pertains to alleged GST violations for FY 2020-21, 2021-22, and 2023-24, involving a total alleged liability of approximately ₹10.00 crore, including tax, interest, and penalty. The company has already paid the tax component under protest and plans to submit an appropriate response contesting the allegations, stating there will be no material impact on its financials or operations.
Key Highlights
- Merged entity received a GST Show Cause Notice for FY20-21, FY21-22, FY23-24.
- Alleged liability totals approximately ₹10.00 crore (tax, interest, penalty).
- Company has paid the tax component under protest.
- Management believes there will be no material financial or operational impact.
- Company plans to contest the allegations with a formal response.