Indoco Remedies Limited announced that demand has been raised vide Order as per Section 73 in Form GST DRC - 07 dated 10th July, 2024 towards GST liabilities basis the details provided therein for the period from 2019 -2020. Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority; July 10, 2024 The Order has been passed by the GST Authority on the contention of wrongful availment and utilization of input tax credit (ITC) for Fiscal Year 2019-20. The GST authority has passed an order for recovery of ITC amount along with interest and penalty.

The demand of INR 1.346 million has been raised which is subject to the outcome of the matter. Based on assessment of facts and prevailing law, the Company will file necessary appeal with the appellate authority in this regard. Name of the authority is Office of the Joint Commissioner, State Tax, Circle ­ A, Zone II, Jaipur.