Voltas Limited announced that the company has received an order from the Office of the Deputy Commissioner of State Tax, Excise and Taxation Department, Ropar, Punjab. Nature and details of the action(s) taken, initiated or order(s) passed: By an Order dated 18 April 2024 passed under Section 73 of the Central Goods and Services Tax Act, 2017, Punjab Goods and Services Tax Act, 2017 and Integrated Goods and Services Tax Act, 2017 for financial year 2018-2019, a demand has been raised towards tax of INR 12,909,721, interest of INR 12,777,014 and penalty of INR 1,330,972 has been imposed, for disallowance of credit notes as confirmation for reversal of credit not received from Recipients, ITC disallowed as suppliers had declared wrong place of supply and also on Input Service Distributor (ISD) as the same is not reflected in GSTR-2A. The company is in the process of filing an appeal against the Order.

Date of receipt of direction or order: Order received on 18 April 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Penalty of INR 1,330,972 has been imposed due to disallowance of credit notes as confirmation for reversal of credit not received from Recipients, ITC disallowed as suppliers had declared wrong place of supply and also on ISD as the same not reflected in GSTR-2A.