Equitas Small Finance Bank Limited has received an Order under section 73(9) of UPSGST/CGST Act, 2017 from the Goods and Services Tax (GST) department, Office of Deputy Commissioner, Noida, Uttar Pradesh on April 29, 2024 for tax demand amounting to INR 116,092 including penalty of INR 20,000 on account of discharge of GST liability for the Financial year 2018-2019. The Order alleges that the Company has not paid GST on Sale of used car, resulting in tax demand of INR 96,092 and Penalty of INR 20,000. There is no material impact on financial, operation or other activities of the Bank due to the Tax and Penalty payable.

This Order is currently appealable, and the Bank will make an assessment to exercise the right to appeal.