Schloss Bangalores arm Tulsi Palace Resort gets ₹4.66 cr tax demand notices
Published 10 Jun 2025, 02:07 PM IST
New Delhi, Jun 10 (PTI) Brookfield-backed Schloss Bangalore, which operates Leela Palaces Hotels and Resorts, on Tuesday said its subsidiary has received show cause notices from the Central GST department, Jaipur raising a tax demand of ₹ 4.66 crore for alleged violations of various taxation norms.
The show cause notices issued to Tulsi Palace Resort Private Limited (TPRPL), a material subsidiary of the company, is for alleged violations pertaining to wrongful adjustment of tax liability and non-payment of IGST on import of services under reverse charge mechanism.
In a regulatory filing, Schloss Bangalore said it "will file an appropriate response before the adjudicating authority" on the show cause notices issued to TPRPL.
"TPRPL, a material subsidiary of the company, has received show cause notices under sections 73 and 74 of the Central Goods and Services Tax Act, 2017, read with the corresponding provisions of the State Goods and Services Tax Act, 2017 and the Integrated Goods and Services Tax Act, 2017, raising an aggregate demand amounting to ₹ 4.66 crore (excluding interest and penalty) for certain alleged violations," it said.
The tax demand has been raised by the Office of the Commissioner, Central Goods and Service Tax Audit Commissionerate, Jaipur.
"TPRPL...has received the show cause notices for alleged (i) wrongful adjustment of tax liability in table 5O of Form GSTR-9C during the financial years 2021-22 and 2022-23; and (ii) non-payment of IGST on import of services under reverse charge mechanism during the financial years 2018-19 to 2022-23," Schloss Bangalore stated.
"TPRPL will file an appropriate response before the adjudicating authority. The show cause notices have no material impact on the financial, operation and other activities of the company," it added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
44 minutes ago
- Time of India
India-US trade: Union minister Piyush Goyal to hold talks on August 2–4 with exporters in Mumbai, key sectors flag urgent concerns amid 25% Trump tariffs
Commerce and Industry minister Piyush Goyal will meet exporters from sectors including food processing, textiles, engineering, and chemicals in Mumbai from August 2-4 to discuss the implications of the 25% tariff announced by the United States, an industry official said on Friday. Exporters from fisheries, IT, pharma, and engineering will also participate in the meetings. A separate meeting with leather sector exporters is scheduled for August 4 in New Delhi, PTI reported. The US on Friday imposed a 25% tariff on Indian goods, potentially affecting about half of the country's $86-billion exports to the American market. The remaining half, including pharmaceuticals, electronics, and petroleum products, remains exempt. India continues to hold discussions with the US to finalise a trade deal. However, sources said New Delhi would not compromise on issues related to agricultural, dairy, or genetically modified (GM) products. The sixth round of negotiations is scheduled for August 25 in India. Key export sectors expected to be affected by the new tariff include textiles and clothing ($10.3 billion), gems and jewellery ($12 billion), shrimp ($2.24 billion), leather and footwear ($1.18 billion), animal products ($2 billion), chemicals ($2.34 billion), and electrical and mechanical machinery (around $9 billion). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How Much Does It Cost to Rent a Private Jet - The Prices May Surprise You! Private Jet I Search Ads Learn More Undo In 2024–25, India-US bilateral trade stood at $131.8 billion, with Indian exports at $86.5 billion and imports at $45.3 billion. Exporters from the impacted sectors have called for immediate government support. 'We request immediate government intervention to offset this huge setback. Exporters have their back against the wall and will have to sell below cost to keep their factories running and avoid mass layoffs,' said Sudhir Sekhri, Chairman, Apparel Export Promotion Council (AEPC). Rahul Guha, Senior Director at Crisil Ratings, said Indian shrimp exporters face an unprecedented challenge in the US market, which accounts for nearly 48% of their shipments. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
The Print
an hour ago
- The Print
Fitch cuts India GDP growth projections to 6.3 pc; sees limited impact of US tariffs on corporates
'We expect India's GDP growth of 6.3 per cent and robust infrastructure spending to underpin healthy demand for cement and building materials, electricity, petroleum products, steel, and engineering and construction (E&C) companies during FY26,' Fitch said in its India Corporates Credit Trends report released on Friday. In its Global Economic Outlook in April, Fitch had estimated India's GDP growth at 6.4 per cent for 2025-26. New Delhi, Aug 1 (PTI) Fitch Ratings on Friday cut India's GDP projections for the current fiscal to 6.3 per cent and said it expects a limited direct impact of higher US tariffs on Indian corporates. Fitch Ratings expects credit metrics to improve for its rated Indian corporates in the financial year ending March 2026, as wider EBITDA margins offset their high capex intensity. On the impact of US tariffs, Fitch said it expects a 'limited direct impact' on its rated Indian corporates from higher US tariffs due to generally low to moderate US export exposure. However, second-order risks from excess supply could arise in some cases. An India-US trade deal could also affect the final outcome, and companies may try to mitigate the impact from tariffs by diversifying exports, Fitch said. US President Donald Trump has announced 25 per cent tariffs on India, plus a 'penalty' for its trade with Russia. The tariffs will come into effect from August 7. India and the US are already negotiating a bilateral trade deal. In the deal talks, India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. Fitch Ratings, in its report, said domestically focused sectors such as oil and gas upstream and downstream, cement and building materials, engineering and construction, telecom, and utilities should see minimal direct effects, supported by local demand and/or regulatory stability. However, tariff uncertainty may limit discretionary IT and auto supplier exports to the US and Europe in FY26, while potential US policy shifts could affect pharmaceuticals. Steel and chemicals may face pricing pressure from excess supplies diverted to India, and metals and mining could see greater price volatility amid growth risks, Fitch added. PTI JD JD SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
an hour ago
- Time of India
'Limited direct impact from US tariffs': Fitch revises India GDP forecast to 6.3% for FY26; infrastructure spending, local demand seen supporting key sectors
Fitch Ratings has revised India's GDP growth projection for the current financial year down to 6.3%, from its earlier estimate of 6.4%, while stating that the recently announced US tariffs are likely to have only a limited direct effect on Indian corporates. In its latest India Corporates Credit Trends report released Friday, the global rating agency said it expects robust infrastructure spending to sustain demand across core sectors, PTI reported. 'We expect India's GDP growth of 6.3 per cent and robust infrastructure spending to underpin healthy demand for cement and building materials, electricity, petroleum products, steel, and engineering and construction (E&C) companies during FY26,' Fitch noted. The revised forecast comes months after the agency projected 6.4% GDP growth in its Global Economic Outlook report published in April. Despite the macroeconomic adjustment, Fitch anticipates credit metrics for rated Indian corporates to improve in FY26. Wider EBITDA margins are expected to offset the effects of high capital expenditure, it added. On the impact of the 25% US tariffs recently announced by President Donald Trump—along with a penalty targeting Indian trade ties with Russia—Fitch said the direct impact on rated Indian corporates would likely remain limited, owing to low-to-moderate exposure to US exports. However, the report cautioned about potential 'second-order risks' arising from global excess supply. Fitch also noted that an eventual India-US trade agreement may alter outcomes, and companies are likely to explore export diversification to mitigate the tariff shock. India and the US are in the midst of negotiations for a bilateral trade deal. According to reports, New Delhi has taken a firm stance against Washington's demand for duty concessions on agriculture and dairy products—sectors where India has traditionally offered no preferential tariffs in any FTA. Fitch said that sectors focused on the domestic market—such as upstream and downstream oil & gas, cement and building materials, telecom, utilities, and engineering and construction—should see minimal tariff-related disruptions due to strong local demand and regulatory insulation. In contrast, Fitch highlighted that tariff uncertainty may dampen discretionary exports in IT services and automotive components to the US and Europe during FY26. Pharmaceuticals could also be vulnerable to policy changes from the US side. Additionally, the report said that steel and chemicals may face pricing pressure from oversupplied global markets, while the metals and mining sector could experience higher price volatility due to emerging global growth risks. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
