APL Apollo Tubes Limited has received orders from State Tax Officer, Intelligence, Inspection- Group 2 Hosur-Intelligence, (T.N). Order for intimation of demand under Section 74 of the CGST Act, 2017: For the fiscal year 2019-2020, Tax is INR 2,92,10,398. Penalty is INR 2,92,10,398.

Interest is INR 2,60,26,465. Total Demand is INR 8,44,47,261. For the fiscal year 2020-2021, Tax is INR 2,57,93,109.

Penalty is INR 2,57,93,109. Interest is INR 2,29,81,660. Total Demand is INR 7,45,67,878.

Both the Orders were received by the Company on March 6, 2024. Non-payment/reversal of GST on certain items as per the GST Department. There is no material impact on financials, operations or other activities of the Company.

The Company is evaluating its options for remedy including appeal at appropriate forum. It is of the view that the demand is not sustainable and is liable to be reversed by the Appellate Authority.