Mankind Pharma Limited announced that the Office of the Assistant Commissioner of Central Tax, Ballygunge Division, Kolkata vide Order dated April 30, 2024 (received on 8 May, 2024) imposing a penalty of INR 88,574/- under applicable provisions of the CGST Act, 2017 on Magnet Labs Private Limited, erstwhile subsidiary of the Company. Magnet got merged with the Company effective dated March 30, 2023. Name of the authority Office of the Assistant Commissioner of Central Tax, Ballygunge Division Kolkata.

Order-in-Original passed u/s 73 of Central Goods and Services Tax Act, 2017 for financial year 2018-19 levying penalty of INR 88,574/- on Magnet Labs Private Limited, erstwhile subsidiary of the Company. Magnet got merged with the Company effective dated March 30, 2023 The Tax and interest demand in this matter is below the material threshold limit currently applicable to the Company. Order dated April 30, 2024 and received on May 8, 2024.

The order has been passed on the contention that there is an alleged mismatch in figures reported in GSTR-1 vs GSTR-3B on account of the amendment made for a few GSTN's in the Fiscal Year 2018-19.