Kalpataru Projects International Limited has received an Order under the provisions of Section 73 of the State Goods and Services Tax Act, 2017 read with relevant provisions of the Central Goods and Services Tax Act, 2017 and the rules made thereunder, from the GST Authority on 24th April, 2024 at about 11.55 A.M. The Company has a strong case to defend the matter before the Authorities and plans to file an appeal against the said Order within prescribed timelines. The authority has demanded GST along with interest and penalty pertaining to erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the F.Y. 2018-19 & F.Y. 2019-20 on grounds of disallowance of ITC and alleged misclassification of place of supply. The authority has demanded to pay an aggregate tax amount of INR 9.260 million along with interest of INR 7.469 million and penalty of INR 0.926 million.