Sunteck Realty Receives GST Demand Notice of ₹59.4 Cr
Sunteck Realty Ltd. has received a Goods and Services Tax (GST) demand cum show cause notice (SCN) for ₹59.43 crore, including interest and penalty. The notice pertains to the financial year 2022-23 and relates to the tax liability on the procurement of Transferable Development Rights (TDR) from the open market. The company firmly believes the SCN lacks merit, asserting that GST is not applicable on such transactions as they do not constitute a supply of goods or services. Sunteck Realty plans to file a reply disputing the demand and has stated there is no expected material financial impact, as they will defend their case. The company also noted the notice is incorrect in its calculation and was issued despite a comprehensive audit for the period.
Key Highlights
- Received GST demand notice for ₹59.43 crore.
- Notice relates to TDR procurement for FY 2022-23.
- Company disputes GST applicability, citing no merit in SCN.
- No material financial impact expected; case will be defended.
- Notice issued despite prior comprehensive tax audit.
Price Impact
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