Kolte Patil Developers Limited has announced the receipt of intimations under Section 74/74A of the CGST/MGST Act, 2017, from the Assistant Commissioner of State Tax Jurisdiction, Mumbai, Maharashtra. The total demand raised amounts to ₹64,41,50,436 (Rupees Sixty-Four Crores Forty-One Lakhs Fifty Thousand Four Hundred Thirty-Six only), which includes interest and penalties. This demand pertains to GST liability for the financial years 2020-2026, specifically concerning the purchase of TDR (Transfer of Development Rights), construction services provided to society members under redevelopment projects, and development rights procured from society members in lieu of construction services. The company has also been levied a penalty of ₹6,95,34,328 (Rupees Six Crores Ninety-Five Lakhs Thirty-Four Thousand Three Hundred Twenty-Eight only). Kolte Patil Developers Limited, however, believes that the levy of GST, interest, and penalty is erroneous and unsustainable in law. The company is evaluating all possible legal options and intends to take appropriate legal action within the permissible timelines, as it has reasonable grounds to defend its position. Based on its assessment, the company does not envisage any relevant impact on its financials, operations, or other activities.
