Realty firm Mahindra Lifespace Developers on Wednesday said that the GST department in Tamil Nadu has imposed a tax demand of Rs. 2.09 crore, including interest and penalty. In a regulatory filing, Mahindra Lifescape Developers Ltd said the “company has received order from the Officer of the Assistant Commissioner of State Tax, Chengalpattu, Assessment Circle Tamil Nadu, GST imposing tax demand along with interest and penalty.”
The order has been passed under applicable provisions of the Section 74 of the GST Act, 2017, alleging short payment of GST liability by the company, it added.
“Based on the company’s assessment, there is no noncompliance and a general penalty has been imposed,” Mahindra Lifespace said.
The company said it will file an appeal against this order.
Mahindra Lifesacpe said it is hopeful of a favourable outcome at the appellate level and does not reasonably expect the said order to have any material financial impact on the company.
Source: ET CFO.com
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