HDFC Life Insurance Company Limited announced that the Company has received a GST Order from Deputy Assistant Commissioner (ST), Special Circle, No. II Division, Vijayawada, Andhra Pradesh on April 26, 2024. This order will have no adverse material impact on the financial operations of the Company and the same shall be further contested by the Company by way of an appeal before the Appellate Authority.

Name of the Authority: Deputy Assistant Commissioner (ST), Special Circle, No. II Division, Vijayawada, Andhra Pradesh. Nature and details of the action(s) taken, initiated or order(s) passed: Nature GST Order; Period involved April 1, 2018 to March 31, 2019.

Tax demand: INR 13.9 million. Interest: INR 12.5 million. Penalty INR 1.6 million.

Allegations: Short reversal of proportionate Input tax credit towards exempt supplies; and Excess availment of Input tax creditdue to Ineligible input tax credit claimed.