ICICI Securities Limited has received order under section 73 of the GST Act, 2017 from the State Goods and Service Tax Department, West Bengal on April 25, 2024. In the said order, the authority has demanded GST along with interest and penalty. The Company has a strong case to defend the matter before the Appellate Authorities and shall file an appeal against the said order before the Commissioner (Appeals) within prescribed timelines.

Details of the violation(s)/contravention(s) committed or alleged to be committed: Excess claim of GST credit. Impact on financial, operation or other activities of the Company, quantifiable in monetary terms to the extent possible: Goods and Service Tax: INR 435,640. Interest: INR 429,135.

Penalty: INR 50,644. Total: INR 915,419.