V R INFRASPACE Limited announced that the Company has received a Demand order under GST for period Dec. - 18 to March 19 dated April 24, 2024, wherein a demand of INR 3.038 million has been raised, applicable interest u/s 50 of CGST Act, 2017 and penalty of INR 0.303 million imposed. Further, The Company is evaluating the said order and will take appropriate actions in due course.

Demand order under Section 73 of the Central Goods and Services Tax Act, 2017, dated April 24, 2024 was received on April 30, 2024. Issue relating to Input tax credit (ITC) wrongly availed, and hence, there has been a demand of INR 3.038 million, applicable interest u/s 50 of CGST Act, 2017 & penalty of INR 0.303 million, for period Dec. - 18 to March - 19, 2024 on the company.

The Company is in the process of taking appropriate actions, including but not limited to, filing of necessary appeal with the appellate authority(s) in this regard.