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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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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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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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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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GST notice of ₹400 crore sent to Zomato, ₹350 crore to Swiggy
Livemint
·
1y ago
Medial
Zomato and Swiggy, two major food delivery aggregators in India, have reportedly received GST notices from tax authorities totaling ₹750 crore ($100 million). Zomato was issued a notice of ₹400 crore ($53 million), while Swiggy received a notice of ₹350 crore ($47 million). The Directorate General of GST Intelligence sent the notices, considering delivery as a taxable service. The tax liability spans from July 2017 to March 2023. Zomato recently reported a net profit of ₹36 crore ($4.8 million) for the quarter ended September 2023. Swiggy claims to have turned profitable in the previous quarter.
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Infosys receives tax demand of ₹341 crore
Thehindubusinessline
·
1y ago
Medial
IT company Infosys has been slapped with a tax demand of ₹341 crore by the Indian Income Tax Department for the assessment year 2020-21. Infosys is currently evaluating the implications of this order on their financial statements and is considering filing an appeal. Additionally, one of the company's subsidiaries has received a refund order amounting to ₹15 crore for the assessment year 2014-15. This comes after Infosys was reported to be expecting a refund of ₹6,329 crore from the IT department. Infosys had previously disclosed a tax demand of around ₹2,763 crore.
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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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BlackBuck To Appeal Tax Demand Notice Over TDS Issues
Inc42
·
28d ago
Medial
BlackBuck, a logistics startup, received a tax demand notice of INR 28.55 lakh from the Income Tax Department for failing to deduct tax on certain expenses eligible for TDS. The notice, dated July 7, has prompted BlackBuck to plan an appeal, claiming a strong case on its merits. In Q4 FY25, the company reported a net profit of INR 280.1 crore, a significant turnaround from a net loss of INR 90.8 crore the previous year.
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Swiggy faces Rs 158 crore tax demand, plans to appeal
Economic Times
·
4m ago
Medial
Swiggy, a food and grocery delivery firm, faces a tax demand of Rs 158.25 crore from the Income Tax Department for the 2021-2022 period. This pertains to unpaid taxes on cancellation charges and interest income on tax refunds. Swiggy plans to appeal the assessment order, believing it has strong arguments against it. The company asserts that this will not significantly impact its financials or operations, and it's taking steps to review and appeal the decision.
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IT dept rejects PB fintech subsidiary’s Rs 86 Cr expense claim, issues Rs 9 Cr demand notice
YourStory
·
4m ago
Medial
The Income Tax Department disallowed Rs 85.6 crore in expenses claimed by PB Fintech's subsidiary, Paisabazaar Marketing, for fiscal 2023-24 due to insufficient substantiation. A demand notice for Rs 9.32 crore was issued, which PB Fintech plans to contest due to discrepancies. Despite the disallowance, the company stated it wouldn't face additional tax liabilities, as it can offset this against carried-forward losses, ensuring no immediate financial impact.
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Polycab share price tanks on reports of over ₹200-crore tax evasion
Livemint
·
1y ago
Medial
Wire and cable manufacturer Polycab is facing allegations of tax evasion, with the Income Tax Department claiming that the company has undisclosed income amounting to ₹200 crore. Polycab denies any wrongdoing and has not received any official communication from the department. The company's stock was down 7.33% following the news. The Income Tax Department conducted searches at Polycab's premises, revealing discrepancies in financial records. The department plans to issue a notice to demand payment of the alleged taxes and penalties.
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