Mahindra & Mahindra Financial Services Limited has received an Assessment Order from the office of the Superintendent, Goods and Services Tax, Government of Rajasthan imposing a total penalty demand of INR 40,000 with respect to fiscal year 2018-19 primarily alleging wrong availment of GST input tax credit by the Company. Based on the Company's assessment, and prevailing law, it is of the belief that the Company has appropriately availed eligible input tax credit. However, since the penalty amount is immaterial, the Company intends to discharge the same as per order.

The Assessment Order dated 4th April 2024 was received by the company on 15th April 2024.