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Meesho receives Rs 1,500 Cr tax demand for 2023-24

EntrackrEntrackr · 6d ago
Meesho receives Rs 1,500 Cr tax demand for 2023-24
Medial

Meesho receives Rs 1,500 Cr tax demand for 2023-24 E-commerce marketplace Meesho has received a tax demand of nearly Rs 1,500 crore from the Income Tax Department for the assessment year 2023-24, according to its regulatory filing with the stock exchanges. The Bengaluru-based company said the tax authority issued an assessment order under Section 143(3) of the Income-tax Act along with a demand notice under Section 156, which raised a total demand of Rs 1,499.7 crore, including applicable interest. The demand follows certain additions and adjustments made by the tax department to the income reported by the company for the assessment year. Meesho stated that it does not agree with the observations and adjustments made in the assessment order and is currently evaluating the matter. The company added that it believes it has adequate legal and factual grounds to contest the demand and is taking necessary steps to protect its interests. The company also said that the tax department issued a similar demand for the previous assessment year (2022–23). In that case, the Karnataka High Court granted an interim stay on the demand notice through an order dated April 17, 2025, and the case remains pending. According to the company, the latest assessment order and demand notice are not expected to have any major adverse impact on its financial position, operations, or other activities. Meesho reported a 31% year-on-year growth in operating revenue to Rs 3,517.5 crore in Q3 FY26, while its losses surged over 13X to Rs 490 crore during the same period. At the end of Friday’s trading session, Meesho shares closed at Rs 158.6, which gave the company a total market capitalization of Rs 71,578 crore (around $7.9 billion).

Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication

EntrackrEntrackr · 8m ago
Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication
Medial

Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication The Bombay High Court has provided major relief to Go Digit General Insurance by setting aside a Rs 170.29 crore GST demand raised by the Chennai South Commissionerate of GST & Central Excise. The order, dated July 4, includes Rs 154.8 crore in alleged tax dues and Rs 15.48 crore in penalties for the period from July 2017 to March 2022. According to Go Digit’s filing accessed from the National Stock Exchange (NSE), the High Court noted that the GST Council had already discussed this industry-wide issue and issued related circulars. Now, the court has asked the tax department to review the case again, keeping those guidelines in mind, and complete the process within three months. This update comes just a few months after Go Digit listed on the stock market. The tax demand was earlier mentioned in its Red Herring Prospectus under “Material Tax Proceedings.” The company said it is reviewing legal options and is waiting for the official court order to be delivered. Importantly, the company clarified that the case is part of a broader issue impacting the insurance industry at large and that no financial implications arise at this stage due to the High Court's intervention. The insurance company recorded a 2.2X increase in profits to Rs 116 crore during the last quarter of the previous fiscal year (Q4FY25). Meanwhile, for the full fiscal year (FY25), its profits surged 133% to Rs 425 crore. The company is currently traded at Rs 333.9 as of 11.25 AM with a total market capitalization of Rs 30,828 crore or $3.6 billion.

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