The Phoenix Mills Limited announced that the Company has received a demand order under Section 73 of CGST/MGST Act, 2017 from the Deputy Commissioner of State Tax, E-629, LTU-3, Mazgaon, Mumbai `GST Authority' for payment of the amount of tax as determined, along with the applicable interest and penalty for the tax period April 2018 to March 2019. The authorities have demanded the Company to pay the amount of tax as determined, along with the applicable interest and penalty for the tax period April 2018 to March 2019 under the applicable provision of GST Act, 2017. The Company will contest the matter and prefer an appeal against the said demand order at an appropriate forum.

The grounds and qualification as stated by authorities is as follows: GST Liability on account of non-reversal of ITC u/r 42 or 43 of MGST Rules 2017 inward supply of services in relation to Qualified Institutional Placement (QIP), Merger and Amalgamation. GST Liability on account of wrong levy of IGST for supply of Services in Maharashtra State. The Company will be taking the necessary actions to defend its case by preferring an appeal at an appropriate forum and does not reasonably expect the said order to have any material financial impact on the Company.

Please note, in the enclosed annexure of the said intimation, due to some technical issue in the PDF file, there has been an overlap in the interest amount mentioned in tab SGST and the interest amount is not legible. Please note that the amount of interest in SGST tab be read as INR 466,127. The revised table giving the particulars of tax, interest and penalty in the tab "Nature and details of the action(s) taken, initiated or order(s) passed" of the annexure of the said intimation is as under: Act: CGST: Tax: INR 538,825, Interest: INR 466,127, penalty: INR 67,574, Total INR 1,072,526.

SGST: Tax: INR 538,825, Interest: INR 466,127, penalty: INR 67,574, Total INR 1,072,526. IGST: Tax: Nil, Interest: Nil, penalty: Nil, Total Nil. Nature and details of the action(s) taken, initiated or order(s) passed: Tax of INR 10,77,650, Interest of INR 932,254, Penalty of INR 135,148 and Total of INR 2,145,052.

Except for the above mentioned changes, all other information as contained in the said intimation remains unchanged.