Mahindra Holidays & Resorts India Limited announced that the Company has received an Order bearing reference no/DC/E-104/DRC 01/FY 2018-19/2023-24/B No DRC01/10 dated April 16, 2024, from the Office of the Dy. Commissioner of State Tax, Nodal Division-12, Mumbai along with the summary of the Order bearing reference no. ZD2704240343889 dated April 18, 2024.

An email has been received from the GST office at 12.53 p.m. (IST) on April 18, 2024, intimating about the upload of the Order on the GST portal. Name of the authority: Dy. Commissioner of State Tax, Nodal Division-12, Mumbai.

The Company has received an Order from Dy. Commissioner of State Tax for fiscal year 2018-19 requiring to pay a demand of INR 164,766,568/- (including interest of INR 78,458,474/- and penalty of INR 7,862,406/- at the rate of 10%) under applicable provisions of the MGST Act, 2017 & CGST Act, 2017 & IGST Act, 2017. The Order has been passed primarily on account of non-payment of tax on the supply of services to members while providing room accommodation services in Maharashtra and disallowance of input tax credit claimed in GST return in GSTR-3B vis-a-vis amount on GST portal in GSTR-2A.

Based on the Company's assessment & advice of the counsel, the Company does not expect the said Order to have any material financial impact on the Company. The Company is taking appropriate steps to pursue legal remedies before the appropriate authority in this regard.