GST evasion: Megasoft coughs up Rs 5 crore in dues
Megasoft Limited has paid 5 crore out of 28.6 crore Goods and Services Tax (GST) which it had allegedly evaded. The payment comes two weeks after the arrest of its two senior officials.
According to GST department (Rangareddy), the company admitted its liability and has agreed to pay the remaining amount soon. Following this, its executive director-cum-CEO Sunil Kumar Kalidindi and CFO Sridhar Thalalthoty were released on bail.
The GST payment relates to a project undertaken by Megasoft Limited after it was given land by TSIIC in Nanakramguda. In 2017, Megasoft entered into a development agreement with Darshitha Infrastructure Private Limited, a Salarpuria Sattva Group company, for construction of 'Sattva Knowledge Capital' offering office space of 2.2 million sq ft.
While Darshitha is said to have paid its share of taxes on construction service rendered, Megasoft was accused of not paying GST. The department is now also examining records of Darshitha to check the veracity of payment.