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Blackbuck Hit with INR 28.56 Lakh Tax Demand for FY18, Set to Appeal

StartupTalky

StartupTalky · 23d ago

Blackbuck Hit with INR 28.56 Lakh Tax Demand for FY18, Set to Appeal

BlackBuck, a logistics startup, received a tax demand notice of INR 28.56 Lakh for FY18 due to certain expenses allegedly not having tax deducted at source. The company plans to appeal the decision, asserting a strong case while stating there are no significant implications from the order. Despite the notice, BlackBuck reported robust financial growth, turning a net profit of INR 280.1 Cr in Q4 FY25 and gaining an RBI licence for its subsidiary, Zinka Logistics, for prepaid payment instruments.

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Related News

BlackBuck To Appeal Tax Demand Notice Over TDS Issues

Inc42 · 23d ago

BlackBuck To Appeal Tax Demand Notice Over TDS Issues

BlackBuck, a logistics startup, received a tax demand notice of INR 28.55 lakh from the Income Tax Department for failing to deduct tax on certain expenses eligible for TDS. The notice, dated July 7, has prompted BlackBuck to plan an appeal, claiming a strong case on its merits. In Q4 FY25, the company reported a net profit of INR 280.1 crore, a significant turnaround from a net loss of INR 90.8 crore the previous year.

BlackBuck receives Rs 28.6 lakh tax demand; seeks name change from Zinka Logistics

YourStory

YourStory · 23d ago

BlackBuck receives Rs 28.6 lakh tax demand; seeks name change from Zinka Logistics

BlackBuck, operated by Zinka Logistics Solutions, received a Rs 28.55 lakh tax demand for FY18 for not deducting tax at source on specific expenses, affecting no major financial impact. Meanwhile, BlackBuck seeks to rename to 'BlackBuck Limited' and ratify past ESOPs per SEBI's regulations. Following its public debut, early investors like Flipkart and Accel sold their stakes, while institutional buyers acquired a 4.73% stake. Currently, BlackBuck's shares trade at Rs 428 on NSE.

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

Inc42 · 11m 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.

BlackBuck Raises INR 501 Cr From Anchor Investors

Inc42 · 8m ago

BlackBuck Raises INR 501 Cr From Anchor Investors

The logistics company, BlackBuck, raised INR 501.33 Cr from anchor investors in a recent round. The investors subscribed to 1.83 Cr equity shares at a price of INR 273 each. Among the anchor investors, Nomura invested the highest amount of INR 67.87 Cr, acquiring 24.86 Lakh equity shares of BlackBuck. Three domestic mutual funds were also allocated 61.39 Lakh shares for INR 167.60 Cr.

BlackBuck IPO: Issue Subscribed 5% On Day 1 So Far

Inc42 · 8m ago

BlackBuck IPO: Issue Subscribed 5% On Day 1 So Far

BlackBuck, a logistics startup, aims to raise INR 1,114.72 Cr through its initial public offering (IPO). So far, the IPO has received bids for 11.57 Lakh shares, with 2.24 Cr shares on offer as of November 13. Additionally, BlackBuck has also raised INR 501 Cr from anchor investors in preparation for its IPO.

BlackBuck IPO: Accel, Flipkart To Rake In 5X Returns

Inc42 · 8m ago

BlackBuck IPO: Accel, Flipkart To Rake In 5X Returns

Flipkart, the Indian e-commerce company, is selling a portion of its stake in BlackBuck, a logistics startup. Flipkart held a 13.2% stake in BlackBuck before its IPO and is now offloading 55.3 lakh shares for approximately INR 151.1 crore. Venture capital firm Accel is also selling 43.1 lakh shares for around INR 117.6 crore, resulting in a 4.3 times return on their investment. However, Peak XV Partners and VEF AB are selling their shares in BlackBuck at a loss.

Zomato gets ₹9.45 crore GST notice, plans to appeal against tax order | Mint

Livemint

Livemint · 1y ago

Zomato gets ₹9.45 crore GST notice, plans to appeal against tax order | Mint

Food delivery provider Zomato has received a Goods and Services Tax (GST) demand notice of INR 9.45 crore from tax authorities in Karnataka, India. The notice includes a GST amount of INR 5.01 crore, along with interest charges and penalties. Zomato plans to appeal the order as it believes it has a strong case. This is not the first time the company has faced a tax notice, as it received a similar demand for payment in 2021.

Zomato receives tax demand of Rs 803 crore from GST authorities

Economic Times

Economic Times · 7m ago

Zomato receives tax demand of Rs 803 crore from GST authorities

Zomato has received a tax demand notice of INR 803.4 crore from GST authorities in Maharashtra. The demand includes a tax amount of INR 401.7 crore, along with a penalty and interest component of a similar amount. Zomato believes that they have a strong case and will be filing an appeal against the order. The company reported operating revenue of INR 4,799 crore and a net profit of INR 176 crore in the July-September quarter.

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 GST demand order of ₹23.26 crore for FY 2018-19

Livemint

Livemint · 1y ago

Zomato gets GST demand order of ₹23.26 crore for FY 2018-19

Food delivery platform Zomato has received a demand order from tax authorities in Karnataka for a Goods and Services Tax (GST) amount of INR 23.26 crore ($3.2 million) for the financial year 2018-19. The demand order relates to the excess availment of input tax credit, interest, and penalties. Zomato intends to appeal the order and believes it has a strong case. This follows a similar tax notice received by Zomato from Gujarat tax authorities earlier this month.

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