Sundram Fasteners Limited has received an order passed by the Additional Commissioner of Central Goods and Services Tax (CGST), imposing a penalty for availing excess Input Tax Credit under CGST Act, 2017. Name of the Authority: Additional Commissioner of Central Goods and Services Tax (CGST); Nature and details of action(s) taken, initiated or order(s) passed: Imposition of penalty on the Company amounting to INR 1,11,20,194 under Section 122(2)(a) of the CGST Act. 2017.

Date of receipt of direction or order: April 30, 2024; Details of violation(s)/contravention(s) committed or alleged to be committed: Disallowance of excess ITC the difference between the credit availed by the Company and details reported by the suppliers in the respective GST returns and Non-reversal of common Input Tax Credit (ITC) relating to exempted turnover pertaining to the financial years 2018-19, 2019-20 and 2020-21. There is no material impact on financials, operation, or other activities of the Company due to the said order.