Kalpataru Subsidiary Ananta Landmarks Receives GST Appellate Order of Rs. 4,00,85,389
Kalpataru Limited disclosed that its wholly owned subsidiary, Ananta Landmarks Private Limited (ALPL), received a GST appellate order dated May 8, 2026, imposing a net demand of Rs. 4,00,85,389 for FY 2021-22, reduced from the original demand of Rs. 5,48,78,704 following a partial allowance of ALPL's appeal. The order covers alleged violations including RCM liability, excess ITC claims, and differential tax on corporate guarantees, and is stated to have no material financial impact on Kalpataru Limited.
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Kalpataru Limited has disclosed, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that its wholly owned subsidiary, Ananta Landmarks Private Limited (ALPL), has received a GST appellate order dated May 8, 2026, from the Joint Commissioner of State Tax, Mumbai – App-F-0008. The order imposes a net GST demand of Rs. 4,00,85,389 (Rupees Four Crores Eighty-Five Thousand Three Hundred and Eighty-Nine only) for the period April 2021 to March 2022, inclusive of interest and penalty.
Background and Prior Disclosures
This development follows a series of earlier disclosures made by Kalpataru Limited regarding GST-related orders received by ALPL. The table below summarises the prior demands communicated to the stock exchanges:
| Disclosure Dated: | Period | GST Demand (Rs.) |
|---|---|---|
| February 17, 2026 | 01/07/2017 to 31/03/2018 & 01/04/2018 to 31/03/2019 | 14,18,18,852 |
| February 24, 2026 | 01/04/2019 to 31/03/2020 | 3,32,93,874 |
In the current matter, ALPL had originally received an order dated December 30, 2025, passed by the Deputy Commissioner of State Tax (MUM-AUD-E-0405), Mumbai, imposing a total GST demand of Rs. 5,48,78,704 (Rupees Five Crores Forty-Eight Lakhs Seventy-Eight Thousand Seven Hundred and Four Only) for FY 2021-22, inclusive of interest and penalty under the IGST Act, 2017, the Central Goods and Services Tax Act, 2017, and the State Goods and Services Tax Act, 2017.
Appeal and Revised Order
ALPL filed an appeal on February 20, 2026 against the original order. The GST Appellate Authority has now partially allowed the appeal, reducing the demand to Rs. 4,00,85,389, under Section 107 of the CGST Act, 2017, and Section 20 of the IGST Act read with Section 107 of the CGST Act, 2017. The order was received by ALPL on May 8, 2026 at 2:29 p.m.
The key details of the appellate order are summarised below:
| Parameter: | Details |
|---|---|
| Entity: | Ananta Landmarks Private Limited (ALPL) |
| Relation to Listed Entity: | Wholly owned subsidiary of Kalpataru Limited |
| Authority: | Joint Commissioner of State Tax, Mumbai – App-F-0008 |
| Order Date: | May 8, 2026 |
| Period Covered: | April 2021 to March 2022 |
| Net GST Demand: | Rs. 4,00,85,389 (inclusive of interest and penalty) |
| Original Demand: | Rs. 5,48,78,704 |
Nature of Alleged Contraventions
The order pertains to the following alleged violations:
- RCM Liability on services provided by Municipal Corporation
- Excess claim of Input Tax Credit (ITC) in GSTR-3B on account of various reasons
- Differential tax liability on corporate guarantee
Financial Impact and Next Steps
Kalpataru Limited has stated that this order does not have a material financial impact on the company. ALPL intends to file a further appeal against the order before the appropriate GST Appellate Tribunal. Based on the opinion of its legal advisors, ALPL is of the view that it has a strong case in the matter.
The disclosure was made in accordance with SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, read with Regulation 30 of the SEBI Listing Regulations. The information has also been simultaneously disseminated on the company's website.
Historical Stock Returns for Kalpataru
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.64% | +17.50% | +27.19% | +3.52% | -11.61% | -11.61% |
How might the cumulative GST demands across multiple financial years (FY2017-18 through FY2021-22) totaling over Rs. 22 crores impact Kalpataru Limited's consolidated financial position if the GST Appellate Tribunal rules against ALPL?
Given that ALPL has faced GST scrutiny across five consecutive financial years, could this signal a broader regulatory pattern that may affect other real estate developers with similar ITC claim structures?
What is the likely timeline for the GST Appellate Tribunal to hear ALPL's further appeal, and how could prolonged litigation uncertainty affect Kalpataru Limited's investor sentiment and credit ratings?
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