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Asian Paints gets tax demand of ₹13.83 crore, penalty of ₹1.38 crore

Livemint

Livemint · 1y ago

Asian Paints gets tax demand of ₹13.83 crore, penalty of ₹1.38 crore

Asian Paints has received a tax demand of ₹13.83 crore and a penalty of ₹1.38 crore from the Deputy Commissioner of State Tax in Chennai, Tamil Nadu. The demand is for additional tax on outward supplies and disallowance of Input Tax Credit mismatch. The company has stated that it has discharged all applicable taxes and fulfilled all conditions, and will be filing rectification or appeal against the order. Asian Paints reported a 53.31% increase in consolidated net profit for the July-September quarter.

Related News

Zomato gets Rs 11.82 crore tax demand notice

Economic Times

Economic Times · 1y ago

Zomato gets Rs 11.82 crore tax demand notice

Food delivery platform Zomato has been issued a tax demand and penalty order of Rs 11.82 crore ($1.6 million) related to Goods and Services Tax (GST) on exports services provided to its subsidiaries outside of India. The company plans to appeal against the order, stating that it believes it has a strong case. The order, issued by the Additional Commissioner of Central Goods and Services Tax, Gurugram, asserts a GST demand of Rs 5.9 crore ($800,000) with applicable interest and a penalty of the same amount. Zomato has clarified its position and provided supporting documents in response to the authorities' allegations.

Asian Paints block deal: Reliance Industries affiliate sells 85 lakh shares worth Rs 1,876 crore

Economic Times

Economic Times · 2m ago

Asian Paints block deal: Reliance Industries affiliate sells 85 lakh shares worth Rs 1,876 crore

Reliance Industries sold 85 lakh shares of Asian Paints, worth Rs 1,876 crore, through affiliate Siddhant Commercials to ICICI Prudential Mutual Fund. The shares were priced at Rs 2,207 each, while Asian Paints’ stock closed higher at Rs 2,243.65. This follows a recent deal where Reliance offloaded a 3.6% stake to SBI Mutual Fund. Asian Paints has seen a 20% decline over the past year, with a poor earnings report due to weak urban demand.

Zomato gets tax demand order of Rs 23 crore

Economic Times

Economic Times · 1y ago

Zomato gets tax demand order of Rs 23 crore

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.

Zomato gets tax demand order of ₹23.26 crore

Thehindubusinessline

Thehindubusinessline · 1y ago

Zomato gets tax demand order of ₹23.26 crore

Zomato has been sent a tax demand of INR 23.26 crore ($3.1 million) by the Assistant Commissioner of Commercial Taxes (Audit) in Karnataka, including interest and penalty. The online food delivery platform plans to challenge the order. The tax liability is related to the financial year 2018-19 and includes a demand of INR 11.27 crore ($1.5 million) in GST, along with interest and penalties. Zomato stated that it believes it has a strong case and will file an appeal with the appropriate authority.

Zomato gets service tax demand and penalty order of Rs 184 crore

Economic Times

Economic Times · 1y ago

Zomato gets service tax demand and penalty order of Rs 184 crore

Food-delivery platform Zomato has received a service tax demand and penalty order totaling over Rs 184 crore for non-payment of service tax between October 2014 and June 2017. The tax was based on sales made by Zomato's foreign subsidiaries and branches to customers outside India. The company plans to file an appeal against the order, stating that it believes it has a strong case. Zomato has been shutting down its international operations, with minimal impact on its overall operations. The platform was previously issued a tax demand notice of Rs 23 crore by the Karnataka commercial taxes authority.

Zomato gets service tax demand, penalty order of ₹184 crore, set to appeal

Livemint

Livemint · 1y ago

Zomato gets service tax demand, penalty order of ₹184 crore, set to appeal

Indian online food delivery platform Zomato has received a service tax demand and penalty order of over ₹184 crore ($25 million) for non-payment of service tax on certain overseas sales. The demand covers the period from October 2014 to June 2017, and Zomato plans to appeal the order. The company believes it has a strong case and expects no financial impact as a result of the dispute.

Zomato gets Rs 4.59 crore tax demand notices

Economic Times

Economic Times · 1y ago

Zomato gets Rs 4.59 crore tax demand notices

Food delivery platform Zomato has received GST tax demand orders exceeding Rs 4.59 crore from Tamil Nadu and West Bengal authorities. The company plans to appeal against the demand. Tamil Nadu issued an order for GST of Rs 81,16,518, plus applicable interest and penalty, while West Bengal issued an order for GST of Rs 1,92,43,792, along with interest and penalty. Zomato stated that it has provided clarification along with relevant documents, and believes it has a strong case to defend the matter. The company does not anticipate any financial impact.

IndiGo gets Rs 944 crore tax penalty from I-T dept; airline to contest

Business Today

Business Today · 5m ago

IndiGo gets Rs 944 crore tax penalty from I-T dept; airline to contest

IndiGo received a Rs 944 crore tax penalty from the Income Tax department for the assessment year 2021-22. The penalty stemmed from an erroneous belief that an appeal had been dismissed, while it is actually still pending adjudication. IndiGo, through its parent company InterGlobe Aviation Ltd, plans to contest the penalty, asserting that the appeal filed with the Commissioner of Income Tax (Appeals) remains active and unresolved.

Zomato gets GST penalty notice of ₹8.6 crore from Gujarat's tax department

Livemint

Livemint · 1y ago

Zomato gets GST penalty notice of ₹8.6 crore from Gujarat's tax department

Zomato, an online food delivery app, has received a penalty notice from the Gujarat Deputy Commissioner of State Tax for excessive input tax credit and short payment of GST for the financial year 2018-19. The demand totals ₹4.11 crore, with an additional ₹8.57 crore in interest and penalties. The company had also previously received a show cause notice for unpaid GST on delivery charges, amounting to ₹402 crore, as well as interest and penalties, for the period from October 2019 to March 2022.

Zomato’s GST Troubles: Foodtech Giant Receives Another Demand Notice

Inc42 · 12m ago

Zomato’s GST Troubles: Foodtech Giant Receives Another Demand Notice

Zomato has been hit with a GST tax demand of INR 1.89 lakh, along with interest and penalty, by the Sales Tax Officer in Delhi. The food delivery platform has stated that it will pay the applicable dues and the cost of litigation. This comes after Zomato received GST tax demand and penalty orders totaling INR 4.59 crore from authorities in Tamil Nadu and West Bengal earlier this week.

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