Sri Lotus Developers Receives GST Order for ₹4.1 Cr Demand

Sri Lotus Developers and Realty Ltd announced that its merged entity, Veer Savarkar Projects Private Limited, has received an Order in Form GST DRC-07 from the Office of the Assistant Commissioner of State Tax, Mumbai. This order pertains to FY 2020-21, 2021-22, and 2023-24, involving an alleged GST liability of approximately ₹4.1 crore (including tax, interest, and penalty). The company has already paid the tax component under protest and believes the demand is not tenable. Sri Lotus Developers is in the process of filing an appeal against the order. The company states there is no material impact on its financials, operations, or other activities.