Mahindra Lifespace Developers Limited — Important, 04-12-2024: Disclosure of material issue

The company received five separate tax orders from the Office of the Assistant Commissioner of State Tax in Chengalpattu, Tamil Nadu, relating to GST demands. Total demands across these orders amount to ₹11.74 crore (cr) in tax, with penalties and interest increasing that total to approximately ₹33.61 crore (cr). The orders suggest allegations of excess claiming of Input Tax Credit for the financial years 2018-2019 through 2020-2021. However, the company asserts there is no non-compliance and plans to appeal these orders, maintaining it does not expect any material financial impact on its operations. Stakeholders should watch closely as the appeals unfold, given the potential implications on the company's standings.