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Zomato, Swiggy face Rs 180-200 crore GST hit, plan to pass on burden to delivery partners, customers - The Economic Times
Economic Times
·
1d ago
Medial
Zomato and Swiggy face an additional annual GST burden of Rs 180-200 crore after a GST Council clarification. The companies plan to pass this cost onto delivery workers and potentially consumers. This arises amid slowing growth, affecting their operating profits. The clarification requires online marketplaces to pay 18% GST on behalf of delivery workers. The move comes after Zomato and Swiggy received notices from GST authorities regarding tax liabilities.
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GST Battle: Online Gaming Companies' Supreme Court Test
Money Control
·
1y ago
Medial
Online gaming companies and federations are taking their battle against crippling financial notices related to Goods and Services Tax (GST) to the Supreme Court. They are seeking relief from the financial burden imposed by the GST regulations. The Supreme Court will be hearing their pleas as these companies face a significant challenge in dealing with the GST matter.
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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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Strongly believe we're not liable to pay any tax on delivery charge, says Zomato
Money Control
·
1y ago
Medial
Food tech company Zomato has stated that it is not liable to pay tax on delivery charges as it believes the amount is collected on behalf of its delivery partners. The statement follows a demand notice from the Directorate General of GST Intelligence (DGGI), requesting payment of pending tax dues. DGGI argues that Zomato is liable to pay 18% GST on the delivery fee, but industry experts contend that the burden falls on gig workers, who are exempt from GST. Zomato plans to file a response to the notice and asserts that it has a strong case.
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Swiggy turns to student, corporate reward programmes to revive food delivery biz
YourStory
·
3m ago
Medial
Swiggy is revitalizing its food delivery business by launching rewards programs for students and corporate professionals. The corporate rewards scheme includes benefits like Swiggy One memberships offering free deliveries through work emails. Meanwhile, the student program, available in over 200 cities, provides various perks and aims to expand to 4,500 campuses by July 2025. These initiatives aim to boost engagement amid sluggish growth, as Swiggy and rival Zomato face slow expansion in the food delivery sector.
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Setback after cashbacks: Gaming industry faces fresh GST trouble - The Economic Times
Economic Times
·
1m ago
Medial
The real money gaming industry in India is facing fresh challenges from GST authorities. Tax officials demand GST on cashbacks and bonuses given to players, treating these as taxable under Rule 31B. This intensifies the ongoing conflict over retrospective GST collection from 2017 to 2023. Gaming companies argue this interpretation is flawed and plan to challenge it in the Supreme Court. Some firms are considering forming a collective legal strategy as the tax issue gains momentum.
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Aadhaar authentications cross 2 billion in June - The Economic Times
Economic Times
·
2m ago
Medial
In June, Aadhaar authentications surpassed 2.29 billion, a 7.8% year-on-year increase, totaling over 154 billion since inception. Face authentications, utilizing AI/ML tools, hit a record 158.7 million, significantly up from last year. Aadhaar e-KYC transactions also reached 394.7 million, enhancing service delivery and business efficiency across sectors. The AI-based face authentication works on both Android and iOS, benefiting over 100 entities in various industries, including government and financial services.
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Rapido's food delivery app Ownly goes live in Bengaluru - The Economic Times
Economic Times
·
23d ago
Medial
Rapido has launched its food delivery platform, Ownly, in select parts of Bengaluru, aiming to challenge Zomato and Swiggy. Initially available in Koramangala, HSR, and BTM Layout, Ownly offers lower commission rates (8-15%) compared to its competitors. Rapido plans to expand across ten cities within a year. Swiggy, which holds a minority stake in Rapido, recognizes a potential conflict of interest as Rapido enters the food delivery market, leading Swiggy to consider selling its stake.
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Zomato’s GST Troubles: Foodtech Giant Receives Another Demand Notice
Inc42
·
1y 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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What is Swiggy’s 99 store for Gen Z and price-conscious users? - The Economic Times
Economic Times
·
2m ago
Medial
Swiggy has launched the '99 store' to attract price-sensitive and Gen Z customers, offering meals at Rs 99 with an 'eco saver' delivery option. This initiative comes as Swiggy-invested Rapido plans to introduce its food delivery service, Ownly, in Bengaluru, challenging the Swiggy-Zomato duopoly by offering lower commission to restaurants. The '99 store' is available in over 175 cities, featuring affordable meals and partner collaborations with local eateries and quick-service chains.
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Why GST authorities sent show cause notice of Rs 401.7 crore to Zomato
IndianStartupNews
·
1y ago
Medial
Foodtech giant Zomato has received a show cause notice demanding an explanation for an alleged tax liability of Rs 401.70 crore. The Directorate General of GST Intelligence claims that delivery charges collected from customers are subject to GST. However, Zomato argues that it is not liable for this tax, as the delivery charges are collected on behalf of the delivery partners and not as revenue for the company. Zomato plans to file a comprehensive response to the notice, expressing confidence in the merit of its case. The issue of GST on delivery fees is also faced by Zomato's rival, Swiggy.
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