HDFC Life Insurance Company Limited announced that it has received a GST Order from State Tax - (2), Unit 8, Ahmedabad, Gujarat on April 04, 2024. This order will have no adverse material impact on the financial operations of the Company and the same shall be further contested by the Company by way of an appeal before the Appellate Authority. Nature and details of the action(s) taken, initiated or order(s) passed: Nature - GST Order.

Period involved - April 1, 2018 to March 31, 2019. Tax demand - INR 512.3 million. Interest ­ INR 461.6 million.

Penalty - INR 51.2 million. Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the Authority is April 04, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Allegations: Short payment of GST on outward supply by treating the adjustments made to turnover in GSTR-9C as a part of taxable turnover and GSTR-3B v/s. GSTR-9. Excess availment of Input tax credit due to mismatch in GSTR3B vs GSTR2A.

Short reversal of proportionate Input tax credit towards exempt supplies. The said order is appealable before the Appellate Authority. The Company will file its appeal within the specified period.