Mahindra & Mahindra Limited announced that it has received an order from the Assistant/Deputy Commissioner (ST) FAC, STU-2, Begumpet Division, Telangana imposing a penalty u/s 73 of the Central Goods and Services Tax Act, 2017 amounting to INR 9,589,412 in relation to the assessment conducted for the Financial Year 2018-19. on the following contentions: That there are alleged reconciliation issues: In the turnover of outward supplies reported in GSTR-9 vs. GSTR-3B & GSTR-1; With respect to Input Tax Credit (ITC) reported in GSTR-9 vs 3B; and That the Company has claimed ITC on certain invoices where, there are certain non-compliances at the end of the supplier.

Based on the Company's assessment, an appeal will be filed, and the Company is hopeful of a favourable outcome at the appellate level and does not reasonably expect the said Order to have any material financial impact on the Company. The Order dated 29 April 2024 has been received by the Company on 29 April 2024 around 08:30 P.M. Based on the Company's assessment, an appeal will be filed, and the Company is hopeful of a favorable outcome at the appellate level and does not reasonably expect the said Order to have any material financial impact on the Company.