Latest News | Max Estates Gets Show Cause Notice from GST Deptt for Claiming Inadmissible Input Tax Credit
Get latest articles and stories on Latest News at LatestLY. Real estate company Max Estates Ltd has received a show cause notice from the GST department for recovery of around Rs 2.25 crore related to inadmissible input tax credit (ITC) claimed by the company.
New Delhi, Apr 5 (PTI) Real estate company Max Estates Ltd has received a show cause notice from the GST department for recovery of around Rs 2.25 crore related to inadmissible input tax credit (ITC) claimed by the company.
In a regulatory filing on Friday, Max Estates informed that the company has received show cause notice from Office of the Principal Commissioner, Central Goods and Services Tax, Audit Commissionerate, Noida.
"The show cause notice concerns the inadmissible ITC claimed by the company related to legal expenses incurred for the acquisition of businesses and investment in companies under the NCLT dispute," the filing said.
The GST department has raised objections regarding the eligibility of ITC availed by the company for financial years 2018-19 to 2022-23, amounting to Rs 2.25 crore.
"The GST department has proposed to recover the amount of Rs 2,25,36,791 (IGST: Rs 1,07,55,473 + CGST: Rs 58,90,659 + SGST: Rs 58,90,659) along with applicable interest and penalty," it added.
Max Estates said there is no material impact on financial, operation or other activities of the company.
"Further, the company firmly believes that it maintains strong legal and factual grounds and is fully prepared to address and contest the aforesaid show cause notice for any future proceedings, should they be initiated by the authorities against the company," it added.
Max Estates is one of the leading real estate developers in Delhi-NCR market. It is developing many housing and commercial projects in this region.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)