Mahindra Lifespace Developers Limited has received two Order copies from the Office of the Assistant Commissioner of State Tax, Chengalpattu Assessment Circle, GST dated 30th March 2024 imposing a penalty of INR 6,076,276 and INR 2,258,690 for the financial year 2018-2019 and 2019-2020 respectively. The orders are issued for alleged non-compliance of applicable provisions with respect to reverse charge mechanism and excess input tax credit claimed under Section 73 and 74 of TNGST Act, 2017. Based on the Company's assessment and interpretation of prevailing law, the Company is hopeful of a favourable outcome at next adjudicating authority levels does not reasonably expect the said orders to have any material financial impact on the Company.

The said Orders dated 30th March 2024, was noticed by the Company on 5th April, 2024 at 5:25 P.M. upon verification of the official portal.