Megasoft pays dues of Rs.5 crore for GST Evasion

Megasoft Ltd has paid 5 crore of the 28.6 crore in Goods and Services Tax (GST) that it allegedly evaded. The payment came two weeks after the arrest of its two top officials.

According to the GST department (Rangareddy), the company confessed liability and agreed to pay the outstanding amount as soon as possible. Following this, Sunil Kumar Kalidindi, its executive director-cum-CEO, and CFO Sridhar Thalalthoty were released on bail.

The GST payment is for a project done by Megasoft Limited after it was granted land in Nanakramguda by TSIIC. Megasoft signed into a development deal with Darshitha Infrastructure Private Ltd, a Salarpuria Sattva Group subsidiary, in 2017 for the construction of ‘Sattva Knowledge Capital,’ which will offer 2.2 million square feet of office space.

While Darshitha is claimed to have paid its fair share of construction taxes, Megasoft was accused of failing to pay GST. Darshitha’s records are now being examined by the government to ensure the accuracy of payment.