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News on Medial
Hero MotoCorp receives ₹17.64 crore GST notice from Delhi GST authority
Livemint
·
11m ago
Medial
Hero MotoCorp Ltd. has received a demand notice of INR 17.64 crore ($2.36 million) from the government's Department of Trade and Taxes for goods and service tax (GST). The notice is related to the disallowance of input tax credit for the 2019-20 financial year. The company plans to take appropriate action, including filing an appeal. Hero MotoCorp stated that the tax demand is not maintainable in law, as the input tax credit was rightfully claimed based on GST law provisions. The demand notice is not expected to have a material impact on the company's financials or operations.
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Hero MotoCorp gets demand notice of ₹605 crore from Income Tax Department
Livemint
·
1y ago
Medial
Hero MotoCorp, the largest two-wheeler manufacturer, has received a tax demand notice from the Income Tax Department amounting to ₹605 crore, including interest, for six assessment years. The notice is related to certain disallowances in assessment years FY14 to FY18 and FY20. Hero MotoCorp stated that it is reviewing the orders and will take necessary actions, including filing appeals and rectification applications. The company had recently reported a 5.5% growth in total sales for FY24, selling 56,21,455 units compared to 53,28,546 units in the previous fiscal year.
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Zomato receives GST demand worth ₹23.26 crore from Karnataka govt
Inshorts
·
1y ago
Medial
Zomato has received a demand notice worth ₹23.26 crore from GST authorities of Karnataka government. The demand, which includes penalty worth ₹1.12 crore and interest worth ₹10.86 crore on GST of ₹11.27 crore, has been raised for excess availment of input tax credit. Zomato said it had clarified with relevant documents, "which appear to not have been appreciated by authorities".
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Ather brings ₹390 crore loss to Hero MotoCorp in FY24
Inshorts
·
1y ago
Medial
EV startup Ather Energy's loss attributable to Hero MotoCorp stood at ₹389.77 crore in FY24. Hero MotoCorp, which holds over a 40% stake in Ather, forged a partnership with Ather for an EV charging network. In FY24, Hero MotoCorp invested nearly ₹700 crore to increase its stake in Ather to 40.89% from 33.11% in FY23.
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Legal Battle Brews Over 'X440' Bike Name Delhi High Court Issues Notice to Hero MotoCorp
Business Bytes
·
1y ago
Medial
Hero MotoCorp, a major motorcycle manufacturer, is facing a legal battle over its usage of the name 'X440' for one of its bikes. Ultraviolette, an electric motorcycle player, has raised concerns about the potential confusion and similarity to their own products. The Delhi High Court has issued a notice to Hero MotoCorp, highlighting the importance of addressing potential naming conflicts and maintaining distinct brand identities within the competitive automotive industry. The outcome of this case could set a precedent for how such issues are handled in the Indian market.
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Zomato receives Rs 402 crore show cause notice over unpaid GST on delivery charges
Economic Times
·
1y ago
Medial
Zomato, the online food ordering platform, has received a Rs 402 crore show cause notice from GST authorities for unpaid tax on delivery charges. The notice was issued by the Directorate General of GST Intelligence (DGGI) and demands the alleged tax liability be paid for the period from October 2019 to March 2022. Zomato argues that it is not liable to pay tax on the delivery charges as they are collected on behalf of the delivery partners. The company will be filing a response to the notice.
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Swiggy receives Rs 7.6-crore notice from Pune profession tax department
Economic Times
·
4m ago
Medial
Swiggy, a food and grocery delivery firm, has been issued a Rs 7.6 crore notice by the Pune profession tax department for unpaid dues. This contributes to a total of nearly Rs 167 crore from various tax authorities across India in the past month. The notice pertains to violations in deducting profession tax in Maharashtra for fiscal 2022. Swiggy plans to appeal the notice, asserting strong arguments against the order, while also facing unpaid GST claims of over Rs 327 crore.
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Zomato receives Rs 803 Cr demand notice from GST
Entrackr
·
7m ago
Medial
Foodtech major Zomato has received a demand notice of Rs 803 crore (nearly $100 million) from the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, Maharashtra. On Thursday, the company received a demand order passed by the Joint Commissioner of CGST & Central Excise, Thane, of Rs 803 crore for the period from 29 October 2019 to 31 March 2022, the company’s filing accessed from the National Stock Exchange shows. The demand order has been received in respect of the non-payment of GST on delivery charges, including interest and penalties. The total amount of Rs 803 crore comprises Rs 401.7 crore each as GST demand and interest/penalties. “We believe that we have a strong case on merits, which is backed by opinions from our external legal and tax advisors. The company will be filing an appeal against the order before the appropriate authority,” the filing further added. Zomato closed at Rs 285.6 (as on 12th December), with the market capitalization standing at Rs 2,75,614 crore (approximately $32.8 billion). The GST demand notice might affect the company’s shares tomorrow. The company recently raised over $1 billion through a Qualified Institutions Placement (QIP) of equity shares. For the fiscal year ending in, Zomato achieved a remarkable 68.5% quarter-on-quarter growth in operating revenue, reaching Rs 4,799 crore in Q2 FY25 from Rs 2,848 crore in Q2 FY24. The company also recorded a 4.8x increase in net profit to Rs 176 crore in the September quarter. Its arch-rival Swiggy posted Rs 3,601 crore of revenue, with a net loss standing at Rs 625 crore during the second quarter of the ongoing fiscal year. The recently listed firm closed at Rs 507.6 per share, with a total market capitalization of Rs 1,13,623 crore (approximately $13.5 billion).
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Indian police registers forgery case against Hero MotoCorp, its chairman
Reuters
·
1y ago
Medial
India's Delhi Police has registered a case against Hero MotoCorp and its chairman, Pawan Munjal, on charges of forgery and fraud. The FIR, filed by Brains Logistics, alleges forgery and falsifying account books by Hero, Munjal, and others. This adds to the troubles faced by Hero and Munjal, including a tax investigation and a money-laundering probe by the Enforcement Directorate. Hero MotoCorp has not provided any comment on the matter.
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Zomato Gets Tax Demand Order Of INR 2 Cr
Inc42
·
1y ago
Medial
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.
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Zomato’s GST Troubles: Foodtech Giant Receives Another Demand Notice
Inc42
·
11m ago
Medial
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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