The Directorate General of GST Intelligence is investigating Godrej’s acquisition of Raymond’s consumer goods business. The tax authorities have asked for an explanation from the companies regarding GST on the transaction. GCPL acquired the business for ₹2,825 crore through a slump sale. The DGGI is conducting the investigation in Mumbai and can conduct inspections based on suspicions of tax evasion.
Godrej Properties Ltd. (GPL), after witnessing a “solid” first quarter in the front of sales, is ready to raise ₹15,000 worth of new housing projects, either by purchasing land or by merging with landowners. The company’s Q1 success beholds a 25% total of its yearly goal, inheriting sales of ₹2,520 Crore out of expected ₹10,000 Crore. A recent project has been added by the company in Nagpur comprising 58 acres with 1.5 million sq. ft. saleable area.
