Greenply Industries Limited announced that an Order dated 19th March, 2024 was passed by the State Tax Officer, Ahmedabad, Gujarat, and the details are given below: Nature and details of the action taken, initiated or order passed An Order passed under relevant provision of the Central Goods and Services Tax Act, 2017 for the Fiscal Year 2018-19, inter alia, demanding additional tax towards ITC claimed on Ineligible commodities and or services Supply made by non-compliant taxpayers. The total tax demand amounts to INR 13,622,994/- and Interest of INR 13,362,477/- and penalty of INR 1,362,299/- has been imposed. Details of the violation: The adjudication authority has raised tax demand along with interest and penalty as stated above in The Company has discharged applicable taxes on the outward supplies made by the Company.

The Company has also fulfilled all the conditions prescribed under the aforesaid Acts w.r.t. availment of the ITC. The Company has a strong case based on merits and will be filing rectification and/or appeal against the said Order within the prescribed timelines.