Siemens Limited announced that on 30 August 2024, the company has received an order in Form GST DRC-07 issued by Deputy Commissioner of State Tax, Maharashtra, with a demand of INR 11,564,197 towards GST, interest and penalty (Order). The company on 23 October 2023, had informed the stock exchanges about filing a Writ Petition before the Hon'ble Bombay High Court challenging Show Cause Notice (SCN) issued by the Deputy Commissioner of State Tax, Maharashtra for a demand of INR 2,469,548,687. Name of the opposing party: Deputy Commissioner of State Tax, (Belapur-502), Raigad Division, Navi Mumbai.

The Company will challenge the Order as per applicable law. The Company has received the Order demanding GST along with interest and penalty on ITC claimed from GSTR-3B non-filers/cancelled suppliers and ITC claimed on certain bill to ship to transactions. The Order demands INR 11,564,197 towards GST, interest and penalty.

The Company does not expect this Order to have material financial impact.