Mahindra Lifespace Developers Limited has received an Order copy from the Office of the Assistant Commissioner of State Tax, Chengalpattu, Assessment Circle Tamil Nadu, GST dated 01st May 2024 imposing a penalty of INR 1,481,445/- for the financial year 2018-2019. The order is issued for alleged non-compliance of applicable provisions with respect to excess claim of input tax credit under Section 73 of Tamil Nadu Goods and Services Tax Act, 2017. Based on the Company's assessment and interpretation of prevailing law, the Company is hopeful of a favourable outcome at next adjudicating authority levels and does not reasonably expect the said orders to have any material financial impact on the Company.

The said Order has been received by the Company on 01st May 2024 at 08:15 A.M.