Kalpataru Projects International Limited announced the GST Authority had passed an Order and had demanded to pay an aggregate tax amount of INR 37. 5 Millions along with interest of INR 37.5 Millions and penalty of INR 3.7 Millions. The Company had filed writ in Delhi High Court against the said Order passed by State GST authority.

The honorable High Court vide its Order has allowed writ filed by the Company, set aside the Order of State GST authority and remanded back the matter to the adjudicating officer for reassessment. Nature and details of the action(s) taken, initiated or order(s) passed; The authority has demanded GST along with interest and penalty pertaining to the erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the period F.Y. 2017-18 on grounds of Mismatch of tax reported in GSTR-1 with GSTR-9, alleged excess claim of ITC etc. The authority has demanded to pay an aggregate tax amount of INR 37.5 Millions along with interest of INR 37.5 Millions and penalty of INR 3.7 Millions.

Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority; 01st February, 2024. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible; The Tax, Interest and penalty levied is covered under (b) above. The same does not have any significant impact on the Company.