NEW DELHI: Oasis Landmarks LLP, a subsidiary of Godrej Properties has received an order dated December 31, 2023 from the Excise and Taxation Officer, Gurgaon (East), Haryana for GST demand of Rs. 10.45 crore along with interest of Rs. 11.04 crore and penalty of Rs. 1.05 crore under Section 73(9) of HGST/CGST Act, 2017 read with section 20 of IGST Act, 2017.
The orders is over alleged non-payment of GST in relation to turnover pertaining to pre-GST regime. Denial of input tax credit due to difference in ITC reported by Suppliers & ITC claimed by the LLP and denial of Transitional credit claimed.
Oasis Landmarks LLP will challenge the order at the appropriate forum in accordance with the law and there is no material impact of the same on financial, operations or other activities of the company. Based on the company’s assessment and prevailing law, Oasis Landmarks LLP reasonably expects a favourable outcome from the appellate authority given the current legal position.
The company recently purchased about four-acre land parcel with a developable potential of approximately 0.7 million sq ft and estimated revenue potential of Rs 1,000 crore in Yeshwanthpur, Bengaluru.
