Arkade Developers Receives GST Tax Demand and Penalty Order Under CGST Act, 2017

Arkade Developers Limited has received an order from the Assistant Commissioner (Appeals Thane), Central Goods and Services Tax and Central Excise Thane Commissionerate, imposing a tax demand and penalty under the CGST Act, 2017. The disclosure was made to the stock exchanges on May 02, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Order Details

The order dated April 30, 2026, was received by the company late evening on the same date. The Assistant Commissioner, Division III, Central Goods and Services Tax and Central Excise Appeals, Thane Commissionerate, passed the order regarding the company's GST matters.

Financial Implications

The following table summarises the financial impact of the order:

Particulars:	Amount
Tax Demand:	Rs 1,14,62,603/-
Penalty:	Rs 11,46,260/-
Total:	Rs 1,26,08,863/-

Nature of Violation

The GST department has disallowed Input Tax Credit (ITC) for certain transactions for the periods FY 19-20, FY 20-21, and FY 21-22. The disallowed ITC forms the basis for the tax demand and penalty imposed under the applicable provisions of the CGST Act, 2017.

Company Response

Arkade Developers Limited has stated that there is no material impact on the financial and operational activities of the company. The company is currently in the process of obtaining necessary legal opinion and is considering filing an appeal against the order. The disclosure has been submitted to both BSE Limited and National Stock Exchange of India Limited for their records.

Annexure A Details

The complete details as disclosed under Schedule III of SEBI (LODR) Regulations, 2015, are as follows:

Sr. No.:	Particulars:	Details:
1.	Name of the Authority	Assistant Commissioner, Division III, Central Goods and Services Tax and Central Excise Appeals, Thane Commissionerate
2.	Nature and details of the action(s) taken or order(s) passed	Imposition of tax Demand of Rs 1,14,62,603/- and penalty of Rs. 11,46,260/- under applicable provisions of the CGST Act, 2017
3.	Date of receipt of direction or order	The order dated April 30, 2026, was received by the Company late evening on April 30, 2026
4.	Details of the violation(s)/contravention(s) committed or alleged to be committed	The GST dept. has disallowed Input Tax Credit (ITC) for certain transactions for the period FY 19-20, FY 20-21 and FY 21-22
5.	Impact on financial, operation or other activities	There is no material impact on financial & operational activities of the Company. The Company is in the process of taking necessary legal opinion and considering filing an appeal

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+3.14%	+8.15%	+5.79%	-24.10%	-29.43%	-25.96%

Arkade developers Limited has received the Occupation Certificate (OC) for its residential project at Malad West, marking a significant milestone in the company's development portfolio. The certificate was received on March 30, 2026, as announced through a regulatory filing to stock exchanges.

Project Completion Details

The company informed both BSE and NSE about this development through an official communication dated March 31, 2026. The project has been completed in full compliance with approved architectural plans and local building regulations, ensuring adherence to statutory requirements.

Parameter:	Details
Project Location:	Malad West
Project Type:	Residential
OC Received Date:	March 30, 2026
Compliance Status:	As per approved plans and building regulations

Regulatory Compliance

The announcement was made pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulatory framework mandates listed companies to disclose material events and developments that could impact investor decisions.

Significance for Stakeholders

The receipt of the Occupation Certificate represents the final regulatory approval required for the residential project. This certification confirms that the development meets all safety, structural, and regulatory standards set by local authorities. The OC enables the company to proceed with possession and handover activities to prospective buyers.

The project completion adds to Arkade Developers' portfolio of delivered residential developments in Mumbai's western suburbs. Malad West remains a key micro-market for residential real estate development, offering connectivity and infrastructure advantages to homebuyers.