NUVOCO VISTAS CORP. LTD. : SHOW CAUSE NOTICE ISSUED TO SUBSIDIARY FOR RS 10.7 CR DEMAND

• The Dy. Commissioner, State Tax (Audit), Central Division, Patna, Bihar has issued a Show Cause Notice to NU Vista Limited, wholly owned subsidiary of the Company. • The notice proposes denying credit for Input Tax Credit (“ITC”) brought forward from previous year and has also erred in confirming demand of ITC already reversed temporarily and has proposed imposing tax on advances received for goods. • The proposed demand under section 73 of the CGST Act, 2017, for FY 2022-23 is Rs.10,70,08,912/-, with consequential interest and 10% penalty also proposed. • The company believes the Show Cause Notice will not be sustained as the demand is against the provisions of the law and supporting documents with legal precedencies will clearly prove the allegations wrong. • The company expects no major financial impact on the Company.

Nuvoco Vistas Corporation Limited

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