DIC India Limited announced that Govt. of Maharashtra, Department of Goods and Service Tax has issued the adjudication order in which they have reduced the amount of demand that has been raised by them in the previous Audit Report. The department, based on documents presented before them, reduced the demand from INR 159,912,844.86 to INR 57,449,589.

The Company will take appropriate steps to address the reduced demand in due course. Order u/s Section 73 read with Section 50 & Section 122 of the Maharashtra Goods & Services Tax Act, 2017 Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority; May 01, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed; Earlier the demand for short payment amounted to INR 159,912,844.86/- was raised by Deputy commissioner (GST) for Fiscal Year 2018-19.

Final demand has been revised to INR 57,449,589/- along with penalty and interest. GST- INR 26,145,432/- Interest- INR 28,629,248/- Penalty- INR 2,674,909/- Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible. The Company has received a Demand Notice alleging a tax demand of 57,449,589/-.

The Company will take appropriate steps to address it in due course.