Kalpataru Limited Subsidiary AREPL Receives ₹2.52 Crore GST Demand Order for FY2018-19

AREPL Receives GST Demand Order for Input Tax Credit Issues

Agile Real Estate Private Limited (AREPL), a subsidiary of Kalpataru Limited, received a GST demand order of Rs 2,51,86,746 plus interest and penalty from the Joint Commissioner of CGST, Mumbai West, on March 30, 2026. The order pertains to the financial year 2019-20 and addresses issues related to input tax credit reversal.

About the Demand

The order concerns short reversal of input tax credit in FY 2019-20. The order was issued under Section 74 of the CGST Act read with corresponding provisions of the MGST Act.

Company Response and Regulatory Status

AREPL plans to appeal and believes it has a strong case, with the company stating no material financial impact expected. Kalpataru Limited informed stock exchanges about the GST order in a filing on March 31, 2026, following receipt of the order by its subsidiary.

Context: Kalpataru's Tax Landscape

Kalpataru Limited is the real estate arm of the Kalpataru Group of companies and is amongst the leading real estate developers in India with a presence across premium residential, commercial, retail, integrated townships, lifestyle gated communities and redevelopment projects primarily in the Mumbai Metropolitan Region (MMR) and Pune. The company operates through multiple subsidiaries across its real estate development portfolio.

This GST demand represents one of several tax orders disclosed by the Kalpataru group and its subsidiaries in recent months, a pattern not uncommon for large real estate developers operating across multiple jurisdictions and project phases. The company has consistently maintained that such orders do not have material financial impact on consolidated operations and has pursued appeals where contested.