Zomato gets tax demand order of Rs 23.26 crore, online food delivery platform to appeal against it

Zomato on Sunday said that it has been issued a tax demand, together with curiosity and penalty, amounting to Rs 23.26 crore by the Assistant Commissioner of Commercial Taxes (Audit) in Karnataka. The common online food delivery service additionally outlined its intention to appeal the order earlier than the suitable authority.

Zomato’s regulatory submitting

In a regulatory submitting to the BSE, the corporate stated it has “obtained an order for FY 2018-19 pursuant to the audit of GST returns and accounts by the Assistant Commissioner of Commercial Taxes (Audit), Karnataka, elevating demand of GST of Rs 11,27,23,564, together with relevant curiosity and penalty totalling to Rs 23,26,64,271.

“We believe that we have a strong case on merits and the company will be filing an appeal against the order before the appropriate authority,” Zomato stated within the submitting.

Zomato’s shares touched 52-week excessive 

Last month, the shares of online food delivery corporations ended almost 4 per cent greater after the corporate reported a consolidated internet revenue of Rs 138 crore within the third quarter ended December 31, 2023.

The inventory superior 5.17 per cent to hit a 52-week excessive of Rs 151.45 in the course of the day on the BSE. It ended at Rs 149.45, greater 3.78 per cent. On the NSE, shares of the corporate ended at Rs 149.10, up 3.46 per cent after leaping 5 per cent to Rs 151.40 — its 52-week excessive stage.  

The firm had posted a consolidated internet loss of Rs 347 crore in the identical quarter final fiscal, Zomato Ltd stated in a regulatory submitting. Consolidated income from operations stood at Rs 3,288 crore. It was at Rs 1,948 crore within the year-ago interval, it added. 

(With inputs from PTI)

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