Kalpataru Subsidiary Receives GST Demand Order of ₹3.64 Crore
Kalpataru Limited's subsidiary, Agile Real Estate Pvt Ltd, received a GST demand order for ₹3.64 crore plus interest and penalty for FY19-21. The subsidiary plans to appeal, stating the demand is unsustainable and has no material financial impact on the parent company.
The company explicitly states that the order does not have a material financial impact.
The company has received a tax demand order, which is a negative development.
Kalpataru Limited has disclosed that its subsidiary, Agile Real Estate Private Limited (AREPL), has received a Demand Order dated December 30, 2025, from the Joint Commissioner of CGST, Mumbai – West.
The order pertains to the financial years 2018-19 to 2020-21 and raises a tax demand of ₹3,64,35,790, along with applicable interest and an equivalent penalty.
The alleged violations include availing Input Tax Credit (ITC) after the due date as per Section 16(4) of the CGST Act, 2017, and availing ITC from GSTR-3B non-filers. AREPL intends to file an appeal against this order, as it believes the demand is not sustainable and does not have a material financial impact on the parent company, Kalpataru Limited.
The company has also disseminated this information on its website.
What to do with a filing like this
Kalpataru Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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See the model portfoliosA plain-language summary of a public exchange filing by Kalpataru Limited. Read the original for the full detail.