LTIMindtree Limited Receives Order Issued by Department of Goods and Service Tax, Office of the Deputy Commissioner of State Tax, Mumbai

LTIMindtree Limited received Order issued by Department of Goods and Service Tax, Office of the Deputy Commissioner of State Tax, Mumbai on the issue of denial of Zero-Rated Supply for financial year 17-18 and Financial year 18-19, respectively, inform that the Company has received a similar order for Financial year 19-20 from the Authority. The Company has received an Order u/s Section 73 of the Maharashtra Goods & Services Tax Act, 2017 raising a tax demand amounting to INR 624 million (including penalty of INR 30 million and interest as applicable) for Fiscal Year 2019-20 Date of receipt of communication from the authority: August 12, 2024. Denial of Zero-Rated Supply thereby leading to proportionate reversal of Input Tax Credit Based on assessment of facts and prevailing law, the Company is of the view that the GST demand (including penalty and interest) is unjustified.

The Company will take an appropriate legal course against the said order in consultation with its advisors.