News Stocks Kalpataru Limited's Subsidiary Ananta Landmarks Receives GST Demand of Rs 14.48 CroresKalpataru Limited's Subsidiary Ananta Landmarks Receives GST Demand of Rs 14.48 Crores
Kalpataru Limited disclosed that its subsidiary Ananta Landmarks Private Limited received GST demand orders totaling Rs 14,48,86,581 from appellate tax authority on February 16, 2026. The demands cover periods from July 2017 to FY 2018-19 and include interest and penalty under MGST Act. Violations alleged include Reverse Charge Mechanism liability, excess turnover claims, incorrect land abatement, and excess Input Tax Credit claims. The company plans to appeal both orders and expects favorable outcomes based on legal advisor opinions.
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Kalpataru Limited has informed stock exchanges about significant GST demand orders received by its wholly owned subsidiary, Ananta Landmarks Private Limited (ALPL), from tax authorities. The disclosure was made under Regulation 30 of SEBI Listing Regulations on February 17, 2026.
GST Demand Orders Details
ALPL received two separate orders dated February 16, 2026, from the Joint Commissioner of State Tax (Appeals - VIII). The orders were received on the same day at 12:05 PM and 12:59 PM respectively.
| Order Details: | Order 1 | Order 2 |
|---|---|---|
| Period Covered: | July 2017 to March 2018 | FY 2018-19 |
| GST Demand: | Rs 14,18,18,852 | Rs 30,67,729 |
| Total Combined Demand: | Rs 14,48,86,581 | |
| Includes: | Interest and penalty under Section 73 of MGST Act, 2017 | Interest and penalty under Section 73 of MGST Act, 2017 |
Background of Tax Disputes
Both current orders stem from earlier demands that ALPL had appealed. For Order 1, ALPL had originally received a demand of Rs 11,55,36,583 in July 2023 from the Deputy Commissioner of State Tax, which has now been partially rejected by the appellate authority with an increased demand. Similarly, Order 2 relates to an original demand of Rs 1,38,48,752 issued in January 2024, which has been reduced to Rs 30,67,729 after the appeal.
Alleged Violations
The GST demands are based on several alleged contraventions:
For Order 1 (July 2017 to March 2018):
- Liability of Reverse Charge Mechanism (RCM) on municipal corporation services
- Excess claim of turnover under MVAT Act, 2002 compared to agreement value and actual advances
- Incorrect land abatement for flat cancellation charges
- Excess Input Tax Credit (ITC) claims in GSTR-3B versus GSTR-2A
For Order 2 (FY 2018-19):
- Liability of Reverse Charge Mechanism on municipal corporation services
- Interest liability under Section 16 and Rule 37 of MGST, 2017
Company's Response and Next Steps
Kalpataru Limited has stated that these orders do not have a material financial impact on the company. ALPL plans to file appeals against both orders with the appropriate appellate authority. The company expressed confidence in its position, noting that based on opinions from external legal and tax advisors, ALPL has a strong case and expects favorable outcomes in the appeals process.
Regulatory Compliance
The disclosure was made in compliance with SEBI Master Circular and Regulation 30 of SEBI Listing Regulations. The information has been simultaneously published on the company's website at kalpataru.com in the investor corner section, ensuring transparency with all stakeholders.
