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News on Medial
Delhivery In Hot Soup, Gets GST Demand Notice
Inc42
·
11m ago
Medial
Delhivery, a logistics company, has received a goods and service tax (GST) demand notice of almost INR 5.5 lakh from the Assistant Commissioner of Commercial Taxes (Enforcement), Karnataka. The notice imposes a penalty of INR 2,74,465 under both the KGST Act, 2017, and the CGST Act, 2017.
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Related News
ICICI Prudential gets GST demand notice of ₹429 crore from Maharashtra tax authority | Mint
Livemint
·
11m ago
Medial
ICICI Prudential Life Insurance has received a tax demand notice amounting to ₹429.05 crore from the Deputy Commissioner of State Tax in Maharashtra. The notice includes a Goods and Services Tax (GST) demand of ₹208.02 crore, along with interest and penalties. The company plans to challenge the notice with the Commissioner (Appeals) within the specified time frame. This development comes as GST authorities have issued around 20,000 notices to several corporate entities across India, amounting to ₹80,000 crore. The tax demand in ICICI Pru Life's case is due to alleged infractions related to input tax credit and discrepancies in GST returns.
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Nazara Technologies gets Rs 2.83 crore GST show cause notice
Economic Times
·
1y ago
Medial
Nazara Technologies, an online gaming and esports company, has received a show cause notice from the Directorate General of GST Intelligence (DGGI) for a GST demand of Rs 2.83 crore. The demand is related to the export of certain services for which Nazara did not pay GST. The notice states that as export proceeds have not been received due to a force majeure event, the services cannot be treated as exports, and the company is responsible for paying IGST at 18%. Nazara plans to file its response to the notice within the prescribed timelines.
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Zomato gets ₹9.45 crore GST notice, plans to appeal against tax order | Mint
Livemint
·
1y ago
Medial
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.
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Zomato gets GST penalty notice of ₹8.6 crore from Gujarat's tax department
Livemint
·
1y ago
Medial
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.
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Pricol gets notice from GST Intelligence, faces potential demand of Rs 380 cr
Money Control
·
1y ago
Medial
Pricol, a manufacturer of instrument clusters, has received a showcause notice from the Directorate General of GST Intelligence. The notice is part of an industry-wide investigation concerning the classification of instrument clusters under Goods and Services Tax (GST). The tax department's classification would result in a higher tax rate of 28%, compared to Pricol's classification of 18%. The potential tax demand for Pricol is approximately INR 380 crore, along with interest and penalties. Similar proceedings have been initiated against various auto component manufacturers. Pricol has sought legal opinion to address the matter appropriately.
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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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Deepinder Goyal's Zomato gets Rs 23 crore tax notice from Karnataka tax authorities
IndianStartupNews
·
1y ago
Medial
Food delivery platform Zomato has received a tax notice amounting to INR 23.26 crore ($3.11 million) for the financial year 2018-19 from Karnataka tax authorities. The notice alleges that Zomato overutilised input tax credit and demands a GST payment of INR 11.27 crore, plus interest and penalties. This follows a recent INR 8.6 crore GST penalty notice from Gujarat authorities and a show cause notice from the Directorate General of GST Intelligence. Zomato plans to challenge the order and remains confident in its position. Despite these tax challenges, Zomato reported its second consecutive profitable quarter for Q2 2023-24.
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Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice
Inc42
·
1y ago
Medial
Binance, a popular cryptocurrency exchange platform, has been issued a show-cause notice by the Directorate General of Goods and Services Tax Intelligence (DGGI) in India. The notice demands payment of INR 722 crore in Goods and Services Tax (GST). The tax demand arises from transaction fees amounting to INR 4,000 crore collected by Binance from Indian traders. This follows a recent fine of INR 18.82 crore by the Financial Intelligence Unit (FIU) for violations of anti-money laundering regulations.
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Tata Steel gets show cause notice over input tax credit of Rs 1,000 cr availed during FY19-23
Economic Times
·
1m ago
Medial
Tata Steel received a show cause notice from tax authorities for allegedly irregularly availing input tax credit worth Rs 1,000 crore between FY19 and FY23. The notice demands explanation for GST recovery of Rs 1007 crore. Tata Steel has already paid over Rs 514 crore in GST. The company believes the notice lacks merit and plans to address the issue through proper channels, asserting no financial impact from the notice.
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Karnataka GST authorities ask Infosys to file fresh response to DGGI after recalling notice
YourStory
·
1y ago
Medial
The Karnataka authorities have withdrawn the pre-show cause notice served to Infosys and asked the IT company to submit a fresh response to the Directorate General of GST Intelligence (DGGI) regarding a GST demand of around Rs 32,400 crore. Infosys had received the notice for services availed by its overseas branches for five years since 2017 but maintained that it believes GST is not applicable to these expenses. The company has committed to responding to the notice. The massive demand is equivalent to over a year's profit for Infosys.
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