Godrej Properties' subsidiary, Oasis Landmarks LLP, faces a significant development as of December 31, 2023. The Excise and Taxation Officer, Gurgaon (East), Haryana, has issued an order demanding GST amounting to Rs. 10.45 crore. Additionally, interest of Rs. 11.04 crore and a penalty of Rs. 1.05 crore have been imposed under Section 73(9) of HGST/CGST Act, 2017, in conjunction with section 20 of IGST Act, 2017. This development raises questions about the subsidiary's financial implications and compliance with GST regulations.
The recent order, dated December 31, 2023, directed towards Godrej Properties' subsidiary, Oasis Landmarks LLP, revolves around the alleged non-payment of GST related to turnover in the pre-GST regime. The issues raised include the denial of input tax credit due to disparities between the ITC reported by suppliers and the ITC claimed by the LLP. Additionally, there is the denial of Transitional credit claimed, adding complexity to the tax-related challenges faced by the subsidiary. These intricacies raise concerns about financial implications and compliance matters, prompting a closer look at the subsidiary's GST practices.
Oasis Landmarks LLP, a subsidiary of Godrej Properties, is poised to contest the aforementioned order at the relevant forum in adherence to the law. Notably, the company asserts that the order holds no material impact on its financial, operational, or other activities. According to the company's assessment and interpretation of prevailing laws, Oasis Landmarks LLP anticipates a favorable outcome from the appellate authority, aligning with the current legal position. Stay updated for further developments as the subsidiary navigates these legal intricacies, emphasizing its commitment to legal compliance and a positive resolution.
Recently, Oasis Landmarks LLP, a subsidiary of Godrej Properties, concluded the acquisition of a four-acre land parcel in Yeshwanthpur, Bengaluru. This strategic investment boasts a developable potential of around 0.7 million sq ft, with an estimated revenue potential reaching Rs 1,000 crore. This significant development aligns with the company's commitment to growth and expansion, showcasing its forward-looking approach in the real estate landscape. Stay tuned for more updates on Oasis Landmarks LLP's ventures and strategic moves in the Bengaluru market.
News Articles
Other Real Estate News Articles