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Fresh Trouble Brews For Zomato, Gets INR 92 Cr Tax Demand Notice

Inc42 · 1y ago

Fresh Trouble Brews For Zomato, Gets INR 92 Cr Tax Demand Notice

Zomato has received an order to pay service tax of INR 92 crore for the period of October 2014 to June 2017, in addition to a penalty and applicable interest. This comes after the company recently received a GST notice of INR 23.26 crore for FY19. However, Zomato believes it has a strong case to defend the matter and does not expect any financial impact. The company has been facing various tax-related notices in recent months. Despite these challenges, Zomato reported a profitable quarter with a significant increase in profit after tax.

Related News

Zomato Gets Tax Demand Order Of INR 2 Cr

Inc42 · 1y ago

Zomato Gets Tax Demand Order Of INR 2 Cr

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.

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 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.

Zomato’s GST Troubles: Foodtech Major Gets Fresh INR 18 Cr GST Demand, Penalty Order

Inc42 · 11m ago

Zomato’s GST Troubles: Foodtech Major Gets Fresh INR 18 Cr GST Demand, Penalty Order

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.

Deepinder Goyal's Zomato gets Rs 23 crore tax notice from Karnataka tax authorities

IndianStartupNews

IndianStartupNews · 1y ago

Deepinder Goyal's Zomato gets Rs 23 crore tax notice from Karnataka tax authorities

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.

Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

Inc42 · 1y ago

Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

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.

Pricol gets notice from GST Intelligence, faces potential demand of Rs 380 cr

Money Control

Money Control · 1y ago

Pricol gets notice from GST Intelligence, faces potential demand of Rs 380 cr

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.

Delhivery In Hot Soup, Gets GST Demand Notice

Inc42 · 11m ago

Delhivery In Hot Soup, Gets GST Demand Notice

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.

Zomato receives tax demand of Rs 803 crore from GST authorities

Economic Times

Economic Times · 8m 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.

Nazara Gets Interim Relief In INR 845 Cr GST Notice Case

Inc42 · 10m ago

Nazara Gets Interim Relief In INR 845 Cr GST Notice Case

- Nazara Technologies received tax notices totaling INR 1,119.93 Cr for two of its subsidiaries, Openplay Technologies and Halaplay Technologies. - The High Court issued directions to not give any effect to the orders passed by the tax authority (DGGI, Kolkata) regarding the show cause notice. - In addition to the recent tax notices, Nazara also received a GST show cause notice from the Mumbai office of DGGI for INR 2.84 Cr last year. - The online gaming major is currently dealing with legal implications related to these tax issues. - The total amount in tax notices faced by Nazara Technologies and its subsidiaries is substantial, posing potential financial challenges.

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