Ashiana Housing Receives ₹19.49 Lakh GST Demand from Haryana Tax Department

Ashiana Housing Ltd has received a GST demand notice of ₹19.49 lakh from the Excise and Taxation Department in Gurugram, Haryana. The company disclosed this development through a regulatory filing under Regulation 30 of the SEBI (LODR) Regulations.

GST Demand Details

The demand order has been issued under section 73 of the Central Goods and Services Tax (CGST) Act, 2017. The total amount of ₹19,49,637 includes the principal demand along with applicable interest and penalty components.

Parameter	Details
Issuing Authority	Excise and Taxation Department, Gurugram (Haryana)
Legal Provision	Section 73 of CGST Act 2017
Total Demand Amount	₹19,49,637 (including interest and penalty)

Nature of Alleged Violations

The tax authorities have raised the demand citing two specific contraventions:

Wrong availment of Input Tax Credit (ITC)
Short payment or non-payment of tax under reverse charge mechanism

These allegations pertain to the company's GST compliance and tax payment procedures under the current tax framework.

Company's Response Strategy

Ashiana Housing has indicated its intention to challenge the demand order. The company plans to contest the order, suggesting confidence in its tax compliance position.

Regulatory Compliance

The disclosure was made in accordance with Para A of Part A of Schedule III under Regulation 30, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

This development represents a routine tax matter that Ashiana Housing expects to resolve through the established appellate process. The relatively modest amount suggests this is a standard compliance issue rather than a major tax dispute.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.23%	-1.70%	-6.21%	-16.81%	-21.65%	+170.89%

Ashiana Housing Limited has received a comprehensive credit rating reaffirmation from CARE Edge, maintaining its CARE A; Stable rating across multiple debt instruments. The rating agency communicated its decision through letters dated December 23, 2025, which the company received on December 26, 2025.

Rating Reaffirmation Details

CARE Edge has reaffirmed the CARE A; Stable rating for Ashiana Housing's issuer rating, reflecting the agency's confidence in the company's general creditworthiness. The rating decision was based on recent developments including the company's operational and financial performance for FY25 (Audited) and H1FY26.

Non-Convertible Debenture Rating Status

The rating agency has maintained its CARE A; Stable outlook for all five tranches of the company's NCD issues, representing a total value of ₹454.08 crores. The reaffirmation covers debt instruments issued across different periods with varying terms and conditions.

NCD Tranche	Amount (₹ Crores)	Allotment Date	Rating
First Issue	69.08	May 31, 2021	CARE A; Stable
Second Issue	26.40	July 20, 2022	CARE A; Stable
Third Issue	5.60	February 23, 2024	CARE A; Stable
Fourth Issue	125.00	May 13, 2024	CARE A; Stable
Fifth Issue	100.00	July 11, 2025	CARE A; Stable

NCD Structure and Terms

The NCDs feature different repayment structures based on their issue dates. The ₹125.00 crores NCD carries a coupon rate of 9.95% per annum and is repayable in four equal annual installments starting from May 13, 2026. The remaining NCDs have a tenure of 20 years from their respective allotment dates with a coupon rate of 8.00% per annum, subject to availability of distributable surplus.

Key Features

The NCDs incorporate a 'payable when able' structure, meaning the instruments will be serviced based on the availability of project surplus. This structure provides flexibility to the company while offering investors participation in the company's project-based cash flows. CARE Edge reserves the right to undertake surveillance and review of the ratings periodically, with at least one review conducted annually.