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Sunday, March 31, 2024

For FY 2018–19, Zomato receives a ₹23.26 crore GST demand order.

₹23.26 crore GST demand order on Zomoto

For FY 2018–19, Zomato receives a ₹23.26 crore GST demand order.

Zomato, an online meal delivery service, announced on March 31 that Karnataka tax authorities had sent it a GST demand order for ₹23.26 crore for FY 2018–19 on March 30.

The company stated in an exchange filing that it has received the demand order about the overuse of input tax credit and the associated interest and penalty.

The company received an order for FY 2018–19 in accordance with the Assistant Commissioner of Commercial Taxes (Audit), Karnataka, following an audit of its GST returns and accounts.

The order raised a demand for INR 11,27,23,564 in GST, along with applicable interest and penalty totaling INR 23,26,64,271/-.

This information was provided in accordance with Regulation 30 of the Listing Regulations.

The business added that it will appeal the ruling to the relevant body since it believes it has a good case on its grounds.

The company continued, "The Company does not anticipate any financial impact on the Company and believes that it has a strong case to defend the matter before the appellate authority."

The company provided clarification on the matter along with pertinent documentation and court precedents in its answer to the show cause notice, which doesn't seem to have been acknowledged by the authorities when they issued the order.

The Gujarat State Tax Deputy Commissioner served Zomato with a tax notice earlier this month about an audit of the company's GST returns and finances for the 2018–19 fiscal year.

Penalties for making disproportionate input tax credit claims and underpaying GST were stressed in the notification.

Zomato disclosed that company was served with an order for the payment of ₹4,11,68,604 in GST for the 2018–19 fiscal year, in addition to ₹8,57,77,696 in additional interest and penalties.

The Deputy Commissioner of State Tax, Gujarat, audited the company's GST reports and finances, and as a result, the Deputy Commissioner issued an order for FY 2018–19. The order demanded ₹4,11,68,604 in GST, along with ₹8,57,77,696 in relevant interest and penalties.

Zomato has observed that the authorities don't appear to have given these factors enough thought when deciding to issue the order.

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