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Bosch gets over Rs 140 crore demand from customs authority for differential duty on oxygen sensors
Economic Times
·
3d ago
Medial
Bosch Ltd has received a demand of over Rs 140 crore from the customs authority due to a dispute over the classification of oxygen sensors. The demand comprises a differential duty and associated interest and penalties. Bosch plans to appeal the decision and has to make a pre-deposit of 7.5% of the differential duty. The company is also seeking clarification from the Central Board of Indirect Taxes & Customs regarding this issue.
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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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Zomato gets service tax demand and penalty order of Rs 184 crore
Economic Times
·
1y ago
Medial
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.
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Eternal gets Rs 1.34 Cr GST demand order for FY22, plans to appeal
YourStory
·
3d ago
Medial
Eternal, a consumer tech platform, received a Rs 1.34 crore GST demand from the Uttar Pradesh State Tax Authority for the FY 2021–22. The demand includes taxes and penalties due to alleged short payment and excess input tax credit. Eternal plans to appeal the order, asserting a strong case on its merits. This situation is reminiscent of a past issue faced by Zomato, highlighting the ongoing complexities in the taxation of tech companies.
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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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Dream11 gets largest ever indirect tax notice in India's history: Report
Inshorts
·
1y ago
Medial
Dream Sports, the parent company of fantasy sports platform Dream11, has filed a writ petition in the Bombay High Court to challenge a show cause notice issued by tax authorities for alleged GST evasion. The tax claim against Dream Sports is reportedly much higher than the previous record of Rs 21,000 crore, potentially reaching around Rs 40,000 crore. The company posted a net profit of Rs 142 crore in FY22. The Central Board of Indirect Taxes and Customs is expected to send similar notices to over 40 skill-gaming companies for alleged tax evasion.
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New India Assurance gets GST demand notice of Rs 2,298 crore
Economic Times
·
1m ago
Medial
New India Assurance Company Ltd received a GST show cause notice demanding Rs 2,298 crore for the financial years 2018 to 2023 from the Additional Commissioner, Mumbai-South, Maharashtra. The company believes it has strong grounds to contest the demand and is preparing a detailed reply with its tax consultants for submission to the Adjudicating Authority. They will address the contentions within the specified timeline, as mentioned in a regulatory filing.
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The Impact of RBI's Gold Import Exemption
StartupTalky
·
1y ago
Medial
The Indian government has granted the Reserve Bank of India (RBI) the authority to import gold without customs duty and the Agriculture Infrastructure and Development Cess (AIDC). This move aims to boost India's gold reserves and strengthen the country's financial stability. As the second-largest consumer of gold globally, India's exemption for the RBI signifies a significant shift in the country's approach to gold imports. The decision has implications for the Indian economy, the gold market, and the overall economic landscape.
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Zomato gets tax demand order of ₹23.26 crore
Thehindubusinessline
·
1y ago
Medial
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.
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TBO Tek Gets GST Demand Notice Of INR 89 Lakh
Inc42
·
1y ago
Medial
TBO Tek, a company in Gurugram, has received a show cause notice from SGST for tax discrepancies amounting to INR 89.12 lakh in the fiscal year 2017-18. In an exchange filing, the company disclosed the notice and stated it must pay the differential tax, along with interest and penalties. Despite this issue, TBO Tek had a strong financial performance in the fiscal year 2024, with a 31% increase in revenue to INR 1,393 crore and a 35% rise in profit to INR 201 crore.
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Zomato gets Rs 11.82 crore tax demand notice
Economic Times
·
1y ago
Medial
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.
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