CEAT Limited announced that Order confirming GST demand along with interest and/or penalty has been issued by the Joint Commissioner of Central Tax, Bengaluru. The GST Department has passed an Order under Section 74 of the Goods & Service Tax Act,2017 in the state of Karnataka, for the Financial Year 2017-18 confirming penalty of INR 1.676 million on inadmissible TRAN-1 Credit. The Company believes that it has not defaulted on the applicable provisions of the statute and is actively analyzing the matter for filing an appeal for the demand amount confirmed in the Order.

Copy of the communication from the Authority was received by the Officers of the Company as specified for the purpose under the Policy for Determining Materiality of Events, on April 24, 2024. There is no material impact on the financials and operations or other activities of the Company. The Company is in the process of filing an appeal against the said Order.