Home GST GST Demand Notice of INR 400 Crore and 350 Crore to Zomato and Swiggy

GST Demand Notice of INR 400 Crore and 350 Crore to Zomato and Swiggy

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GST Demand Notice of INR 400 Crore and 350 Crore to Zomato and Swiggy
Zomato and Swiggy Face GST Notices of 750 Crore

Zomato and Swiggy, the highest two meals supply platforms within the nation, are reportedly being investigated by tax authorities. In response to the report, notices totaling ₹750 crore have been despatched to them.

Zomato, which holds the biggest market share in India’s on-line meals supply business, has allegedly obtained a Items and Providers Tax (GST) discover of ₹400 crore from the Directorate Basic of GST Intelligence (DGGI), as per insider sources.

Equally, Swiggy has reportedly been issued a GST discover of ₹350 crore by the DGGI, in keeping with sources accustomed to the matter.

Neither of the meals supply firms has responded to the information in the intervening time.

Zomato and Swiggy have obtained tax notices from the DGGI as a result of the authority categorizes their supply operations as a service. The tax authority has decided that each firms are liable to pay GST on their companies in the course of the interval from July 2017 to March 2023.

Zomato, the listed entity among the many two, lately reported its earnings for the quarter ending September 2023. The corporate recorded a internet revenue of ₹36 crore, a big enchancment in comparison with a internet lack of ₹251 crore in the identical interval final yr. Its enterprise exercise’s income additionally witnessed substantial development, reaching ₹2,848 crore, a 72 % improve from ₹1,661 crore within the earlier yr’s interval.

In Might, Sriharsha Majety, the CEO of Swiggy which is an unlisted firm as of now, introduced in a weblog publish that the corporate had seen revenue within the quarter ending March 2023.

Learn Additionally: The best way to Reply GST Discover for GSTR 3B & GSTR 2A Mismatch?

Through the buying and selling session on November 22, Zomato’s inventory settled at ₹115.25 per share on the BSE, experiencing a 1.07 % decline in comparison with the day past’s closing value.

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