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Appellate Authority reduces Bharti Airtel's GST demand to Rs 194 crore from Rs 604 crore
Money Control
·
11m ago
Medial
Bharti Airtel has been ordered by the Goods and Service Tax Appellate Authority to pay Rs 194 crore in GST on license fees and spectrum usage charges demanded by the Department of Telecom. The demand was made under the reverse charge mechanism, based on a demand note issued by the Department of Telecommunications. Bharti Airtel had filed an appeal against the order, and the Appellate Authority reduced the demand from Rs 604.66 crore to Rs 194 crore. The company is currently assessing the impact of the order and will take necessary action.
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Related News
Zomato’s GST Troubles: Foodtech Major Gets Fresh INR 18 Cr GST Demand, Penalty Order
Inc42
·
10m ago
Medial
Zomato has been issued a tax demand notice of over INR 11.12 Cr for non-payment of GST on delivery charges, along with interest and penalty. However, the foodtech giant is confident in its defense and plans to present its case before the relevant appellate authority.
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Bharti Airtel Q4 PAT may dip 26.8% YoY to Rs. 2,201 cr: Prabhudas Lilladher
Money Control
·
1y ago
Medial
Prabhudas Lilladher predicts Bharti Airtel's net profit in Q4 2023-24 to be Rs. 2,201 crore, a decrease of 26.8% YoY and 9.9% QoQ. However, net sales are expected to increase by 7.6% YoY and 2.2% QoQ to Rs. 38,736.2 crore. EBITDA is also likely to rise by 8.8% YoY and 2.6% QoQ to Rs. 20,336.5 crore. This forecast is not an official statement.
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Cipla faces penalty of over Rs 1 Cr by GST authorities
YourStory
·
7m ago
Medial
Cipla Ltd, a leading pharmaceutical company, has been fined over Rs 1 crore by GST authorities for allegedly claiming inadmissible credit. The penalty of Rs 1,11,94,324 was imposed based on an order passed on December 18, 2024, under the Central Goods and Services Tax Act, 2017. Cipla believes that the penalty is unjustified and plans to file appeals with the appellate authority. The company stated that the fine will have no material impact on its financials or operations.
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Zomato gets GST demand worth Rs 8.6 crore from Gujarat for availing excess input tax credit
IndianStartupNews
·
1y ago
Medial
Food delivery giant Zomato has received a substantial Goods and Services Tax (GST) demand from the Deputy Commissioner of State Tax, Gujarat. The demand order, totaling INR 8.57 crore, is a result of discrepancies found during an audit of Zomato's GST returns and accounts for the fiscal year 2018-19, including excess input tax credit and short payment of GST. Zomato will contest the order before appellate authorities and expects no financial impact from the dispute. This is not the first time Zomato has faced GST-related notices, highlighting the regulatory challenges it faces in its operations.
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Airtel annual report: Revenue market share touches record
Economic Times
·
22d ago
Medial
Bharti Airtel's annual report reveals a record revenue market share of approximately 40% in FY25, driven by network expansion and strategic "tariff repair". The company installed over 20,000 new network sites and 44,000 kilometers of fiber, growing its customer base significantly in both mobile and broadband sectors. Airtel's annual revenue surged to Rs 1.25 lakh crore with robust growth in mobile and Africa sectors, amid strategic decisions to optimize operations and invest in 5G readiness.
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Dialog Axiata to buy Bharti Airtel's telecom operations in Sri Lanka
VCCircle
·
1y ago
Medial
Telecom operator Dialog Axiata has agreed to acquire Bharti Airtel's telecom operations in Sri Lanka. As part of the deal, Dialog Axiata will issue Bharti Airtel a 10.4% stake in its company, while acquiring full ownership of Airtel Lanka. The agreement is subject to approval from Dialog Axiata's shareholders and the Colombo Stock Exchange. Airtel Lanka contributed only 0.2% of Bharti Airtel's consolidated turnover in the previous fiscal year.
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Zomato Gets Tax Demand Order Of INR 2 Cr
Inc42
·
1y ago
Medial
Foodtech major Zomato has received a fresh goods and services tax (GST) penalty notice from Delhi's sales tax officer, amounting to INR 2,22,91,376 for fiscal 2018-19. This comes after the company received a GST notice of INR 11.8 crore ($1.6 million) earlier this month. Zomato has stated that it believes it has a strong case to defend the matter before the relevant appellate authority and expects no financial impact from this penalty. Despite these challenges, Zomato continues to post healthy profit and revenue growth.
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Zomato gets tax demand order of Rs 23 crore
Economic Times
·
1y ago
Medial
Zomato has been hit with a tax demand of Rs 23.26 crore from the Assistant Commissioner of Commercial Taxes (Audit), Karnataka. The online food delivery platform plans to challenge the order and has stated that it believes it has a strong case. The demand relates to the Goods and Services Tax (GST) and includes additional interest and penalty charges. Zomato will appeal the decision before the appropriate authority.
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Bharti Airtel shares rise 3% on partnership with SpaceX
Business Today
·
4m ago
Medial
Bharti Airtel shares increased by 3% following the announcement of a partnership with SpaceX. The collaboration aims to introduce Starlink's high-speed internet services to India, pending regulatory approval. The stock's intraday high reached Rs 1717.25, with a trading volume of 4.43 lakh shares and a turnover of Rs 73.48 crore on the BSE. Despite the increase, shares closed at Rs 1645.40, ending 0.95% lower. Airtel's market capitalization stands at Rs 9.38 lakh crore.
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Zomato receives Rs 803 Cr demand notice from GST
Entrackr
·
7m ago
Medial
Foodtech major Zomato has received a demand notice of Rs 803 crore (nearly $100 million) from the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, Maharashtra. On Thursday, the company received a demand order passed by the Joint Commissioner of CGST & Central Excise, Thane, of Rs 803 crore for the period from 29 October 2019 to 31 March 2022, the company’s filing accessed from the National Stock Exchange shows. The demand order has been received in respect of the non-payment of GST on delivery charges, including interest and penalties. The total amount of Rs 803 crore comprises Rs 401.7 crore each as GST demand and interest/penalties. “We believe that we have a strong case on merits, which is backed by opinions from our external legal and tax advisors. The company will be filing an appeal against the order before the appropriate authority,” the filing further added. Zomato closed at Rs 285.6 (as on 12th December), with the market capitalization standing at Rs 2,75,614 crore (approximately $32.8 billion). The GST demand notice might affect the company’s shares tomorrow. The company recently raised over $1 billion through a Qualified Institutions Placement (QIP) of equity shares. For the fiscal year ending in, Zomato achieved a remarkable 68.5% quarter-on-quarter growth in operating revenue, reaching Rs 4,799 crore in Q2 FY25 from Rs 2,848 crore in Q2 FY24. The company also recorded a 4.8x increase in net profit to Rs 176 crore in the September quarter. Its arch-rival Swiggy posted Rs 3,601 crore of revenue, with a net loss standing at Rs 625 crore during the second quarter of the ongoing fiscal year. The recently listed firm closed at Rs 507.6 per share, with a total market capitalization of Rs 1,13,623 crore (approximately $13.5 billion).
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