Spencer's Retail Limited has received an order from Goods and Service Tax (GST) Authority, Jharkhand for demand of GST along with interest and penalty. Based on the merits of the matter, prevailing law and the advice of the counsel, the Company is planning to appeal against this demand order, as applicable, before the appropriate authorities and reasonably expects favourable orders. Name of the authority: State Tax Officer, Dhanbad (Jharkhand).

Nature and details of the action(s) taken, initiated or order(s) passed: Demand order under Section 73 of the JGST Act, 2017, along with interest and penalty. Details of the violation(s)/contravention(s) committed or alleged to be committed: Excess claim of Input Tax Credit observed by GST authority during verification of GSTR- 3B and GSTR-2A filed for the financial year 2018-19. Demand order has been issued by GST Authority for INR 1,827,065/- (including interest of INR 793,902/and penalty of INR 93,924/- in terms of Section 73 of JGST Act, 2017).