The Phoenix Mills Limited informed that subsidiary of the Company, Offbeat Developers Private Limited has received show cause notice, from the GST authorities for payment of tax liability along with the applicable interest and penalty of INR 8,041,714 for the tax period April 2019 to March 2020. Name of the authority: Deputy Commissioner of State Tax and Department of Goods and Service Tax (Govt. of Maharashtra).

The grounds and qualification as stated by authorities is as follows: GST liability on account of Mismatches between GSTR-3B and GSTR- 2A. In-eligible ITC Claimed from the non-filers GSTR-3B vendors. Interest is INR 77,253,324.

Penalty is INR 8,041,714. Tax is INR 80,417,132. Total is INR 165,712,170.