Pfizer Limited has received an Order dated April 22, 2024 issued by the Assistant Commissioner, GST & Central Excise, Bhubaneswar-II Division Bhubaneswar on May 1, 2024 basis the GST audit conducted for Odisha state for the financial year 2018 ­ 19 for a Tax demand of INR 15,519,980/-, Penalty of INR 1,551,998/- and interest as per Section 50(1) of Central Goods and Services Tax Act, 2017 & State Goods and Services Tax Act, 2017 read with Section 20(xxv) of the Integrated Goods and Services Tax Act 2017 payable at the time of actual payment of the alleged demand, aggregating to a total demand of INR 17,071,978/- (excluding interest). Based on assessment, the company believe that the said demand is not maintainable, and the Company is in the process of preferring an appeal against the said Order. The Order has no material impact on the financials, operations or other activities of the Company.

The Officer has raised the GST demand on account of alleged availment of ineligible input tax credit and non ­ reversal of input tax credit attributable to exempted supplies by the Company during financial year 2018-19.