Prestige Estates' subsidiary receives ₹154 crore GST show cause notice from DGGI

Real estate firm Prestige Estates Projects Ltd on Monday (October 6) said its subsidiary, Prestige Mulund Realty Private Limited, has received a show cause notice (SCN) from the Directorate General of Goods & Services Tax Intelligence (DGGI), Mumbai, under the Central Goods and Services Tax Act, 2017, along with the Maharashtra GST Act, 2017, and Integrated GST Act, 2017.

The notice, dated October 6, 2025, alleges non-payment or short-payment of Goods and Services Tax (GST) by the subsidiary. As per the SCN, the company has been asked to show cause before the Additional/Joint Commissioner, CGST & Central Excise, Mumbai East Commissionerate, within 30 days, explaining why GST amounting to ₹153.60 crore, along with an equivalent penalty and applicable interest, should not be demanded under Section 74(1) of the CGST Act, 2017 and other relevant provisions.

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In its disclosure to the exchanges, Prestige Estates said that based on its assessment, the demand is not maintainable. The company stated that it is evaluating the matter and will take appropriate action in response to the notice. Prestige Estates further clarified that it does not expect any material impact on its financials, operations, or other business activities due to the notice.

Shares of Prestige Estates Projects Ltd ended at ₹1,547.00, up by ₹14.40, or 0.94%, on the BSE.