Krystal Integrated Services Limited has received an order from the Good and Service Tax department - Assistant Commissioner of CGST & CX, Mumbai. Nature and details of the action(s) taken, initiated or order(s) passed: Order dated April 23, 2024, received on April 25, 2024, has been passed for fiscal year 18- 19 in Form DRC 07 under Central Goods and Service Tax Act 2017 under the grounds that Krystal Integrated Services Limited has claimed ITC for fiscal year 18-19 which is inadmissible as per Section 16(4) of CGST Act 2017. Consequently, it has resulted in an additional Tax liability of INR 9,348,885 along with Interest and penalty.

No violations/Contraventions has been committed by the company, as the company has claimed ITC within time limit. The Company is currently assessing said Order and will take appropriate steps (including appeal) within the stipulated timeframe. The said Order does not have any material impact on financials, operation or other activities of the Company.