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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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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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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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Nazara Gets Interim Relief In INR 845 Cr GST Notice Case
Inc42
·
9m ago
Medial
- 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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Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice
Inc42
·
11m 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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Nazara Subsidiaries Receive Tax Notices Worth INR 1,119.93 Cr
Inc42
·
1y ago
Medial
Gaming company Nazara Technologies is facing tax scrutiny as its subsidiaries, Openplay Technologies and Halaplay Technologies, have received tax notices from the Director General of GST Intelligence. Openplay Technologies was served a Show Cause Notice with a proposed liability of INR 845.72 Cr. These subsidiaries contributed to less than 2% of Nazara's revenues and less than 1% of its profit for the quarter ended March 2024. The notice pertains to the period from 2017-18 to 2022-23.
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Tata Electronics Gets Show Cause Notice Over iPhone Plant Fire
Inc42
·
9m ago
Medial
The Tamil Nadu government has issued a show cause notice to Tata Electronics after a major fire broke out at its iPhone manufacturing plant in Hosur last month. The fire disrupted operations at the plant, and Apple sent a Supplier Responsibility team to assess the situation and provide guidance to the contract manufacturer.
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TBO Tek Gets GST Demand Notice Of INR 89 Lakh
Inc42
·
12m ago
Medial
TBO Tek, a company in Gurugram, has received a show cause notice from SGST for tax discrepancies amounting to INR 89.12 lakh in the fiscal year 2017-18. In an exchange filing, the company disclosed the notice and stated it must pay the differential tax, along with interest and penalties. Despite this issue, TBO Tek had a strong financial performance in the fiscal year 2024, with a 31% increase in revenue to INR 1,393 crore and a 35% rise in profit to INR 201 crore.
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Karnataka GST authorities ask Infosys to file fresh response to DGGI after recalling notice
YourStory
·
12m 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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Dream11 gets largest ever indirect tax notice in India's history: Report
Inshorts
·
1y ago
Medial
Dream Sports, the parent company of fantasy sports platform Dream11, has filed a writ petition in the Bombay High Court to challenge a show cause notice issued by tax authorities for alleged GST evasion. The tax claim against Dream Sports is reportedly much higher than the previous record of Rs 21,000 crore, potentially reaching around Rs 40,000 crore. The company posted a net profit of Rs 142 crore in FY22. The Central Board of Indirect Taxes and Customs is expected to send similar notices to over 40 skill-gaming companies for alleged tax evasion.
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New India Assurance gets GST demand notice of Rs 2,298 crore
Economic Times
·
1m ago
Medial
New India Assurance Company Ltd received a GST show cause notice demanding Rs 2,298 crore for the financial years 2018 to 2023 from the Additional Commissioner, Mumbai-South, Maharashtra. The company believes it has strong grounds to contest the demand and is preparing a detailed reply with its tax consultants for submission to the Adjudicating Authority. They will address the contentions within the specified timeline, as mentioned in a regulatory filing.
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