Arkade Developers Ltd. received an order imposing a ₹1.14 crore tax demand and ₹11.46 lakh penalty due to disallowed ITC for FY 2019-22, though the company notes no material financial impact and is considering an appeal.
Khushi Jain | May 4, 2026 |
The company, Akrade Developers Ltd. received an order on April 30, 2026, from the Assistant Commissioner (Appeals), CGST and Central Excise Thane Commissionerate, imposing a tax demand of Rs. 1,14,62,603 and a penalty of Rs. 11,46,260 under the CGST Act, 2017.
The order, which was officially received late in the evening on the same day, stems from the GST department’s decision to disallow Input Tax Credit (ITC) for specific transactions during the financial years 2019-20, 2020-21, and 2021-22.
Despite the total financial implication of approximately Rs. 1.26 crore, the company has clarified that there is no material impact on its financial or operational activities; they are currently obtaining legal counsel and evaluating the possibility of filing a further appeal.
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