Sri Lotus Developers Receives GST Order, Plans Appeal
Sri Lotus Developers received a GST order for FY 2020-21, 2021-22, and 2023-24. The company plans to appeal the alleged tax, interest, and penalty demands, stating no material financial impact.
The company explicitly stated that there is no material impact on its financials, operations, or other activities due to the said order. While there is a demand for tax, interest, and penalty, the company's confidence in its appeal and prior payment of the tax component suggest a limited financial impact.
The company received an order from the tax authorities, which typically carries a negative connotation. However, the company's belief that the demand is not tenable and its immediate plan to file an appeal mitigates the negative sentiment. The company also stated no material impact, leading to a neutral sentiment.
Sri Lotus Developers and Realty Limited (formerly AKP Holdings Limited) has received an order from the Office of the Assistant Commissioner of State Tax, Mumbai, under Section 74 of the CGST and MGST Acts. This order pertains to financial years 2020-21, 2021-22, and 2023-24, and follows up on a Show Cause Notice previously issued on April 28, 2026.
The order involves an alleged liability comprising tax, interest, and penalty for the periods mentioned. For FY 2020-21, the alleged tax is ₹6,89,392 (₹3,44,696 CGST + ₹3,44,696 SGST), with corresponding interest and penalty amounts. For FY 2021-22, the alleged tax stands at ₹3,58,35,966 (₹1,79,17,983 CGST + ₹1,79,17,983 SGST), along with interest and penalty. For FY 2023-24, the alleged tax is ₹55,952 (₹27,976 CGST + ₹27,976 SGST), plus interest and penalty.
The company has already paid the tax component of these liabilities under protest. Sri Lotus Developers believes the demand is not tenable and is in the process of filing an appeal with the Appellate Authority within the prescribed timeline. The company stated that there is no material impact on its financials, operations, or other activities due to this order.
What to do with a filing like this
Sri Lotus Developers and Realty 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 Sri Lotus Developers and Realty Limited. Read the original for the full detail.