DGGI conducts searches on Omaxe Realty for alleged fake input tax credit claims
Sources told CNBC-TV18 that the Directorate General of Goods and Services Tax Intelligence (DGGI) searched the Delhi-based real estate developer Omaxe Realty on Tuesday, December 10. The DGGI Chandigarh has alleged fake input tax credit (ITC) claims.
"It was a follow-up inspection from GST on just our Chandigarh subsidiary not on Omaxe Ltd. As a responsible organisation, we have extended our full cooperation to the authorities during the process and will continue to do so in case of any future queries or requests. Omaxe remains committed to adhering to all regulatory and compliance requirements,” Omaxe official said in a statement.
The real estate company reported net sales of Rs.389.18 crore in the September quarter, up 46.26% from Rs.266.09 crore in the corresponding period a year ago. Quarterly net loss stood at Rs.239.66 crore, while earnings before interest, taxes, depreciation, and amortisation came negative at Rs.214.60 crore.
