Zomato shares in focus on Rs 9.46 crore GST notice; key details
Zomato shares are up 14.42 per cent in the past one month and 60.92 per cent in 2024 so far. The stock hit a 52-week high of Rs 207.30 on May 13, 2024
- Jul 1, 2024,
- Updated Jul 1, 2024 8:50 AM IST
Shares of Zomato Ltd are in focus on Monday morning after the online food delivery platform said it received GST demand worth Rs 9.46 crore for FY20. The demand order has been received in respect of excess availment of input tax credit and interest, penalty thereon.
Zomato in its response to the show cause notice had clarified on the issue along with relevant documents and judicial precedents, which appears to not have been appreciated by the authorities while passing the order, the company informed stock exchanges.
Zomato said it has a strong case to defend the matter before the relevant appellate authority and does not expect any financial impact on the company.
Zomato shares are up 14.42 per cent in the past one month and 60.92 per cent in 2024 so far. The stock hit a 52-week high of Rs 207.30 on May 13.
"Pursuant to Regulation 30 of the Listing Regulations, this is to inform that the Company has received an order for FY 2019-20 pursuant to the audit of GST returns and accounts by the Assistant Commissioner of Commercial Taxes (Audit), Karnataka raising demand of GST of INR 5,01,95,462/- (Rupees Five Crores One Lac Ninety Five Thousand Four Hundred and Sixty Two Only), along with interest of INR 3,93,58,743/- (Rupees Three Crores Ninety Three Lacs Fifty Eight Thousand Seven Hundred and Forty Three Only) and penalty of INR 50,19,546/- (Rupees Fifty Lacs Nineteen Thousand Five Hundred and Forty Six Only)," it noted.
Shares of Zomato Ltd are in focus on Monday morning after the online food delivery platform said it received GST demand worth Rs 9.46 crore for FY20. The demand order has been received in respect of excess availment of input tax credit and interest, penalty thereon.
Zomato in its response to the show cause notice had clarified on the issue along with relevant documents and judicial precedents, which appears to not have been appreciated by the authorities while passing the order, the company informed stock exchanges.
Zomato said it has a strong case to defend the matter before the relevant appellate authority and does not expect any financial impact on the company.
Zomato shares are up 14.42 per cent in the past one month and 60.92 per cent in 2024 so far. The stock hit a 52-week high of Rs 207.30 on May 13.
"Pursuant to Regulation 30 of the Listing Regulations, this is to inform that the Company has received an order for FY 2019-20 pursuant to the audit of GST returns and accounts by the Assistant Commissioner of Commercial Taxes (Audit), Karnataka raising demand of GST of INR 5,01,95,462/- (Rupees Five Crores One Lac Ninety Five Thousand Four Hundred and Sixty Two Only), along with interest of INR 3,93,58,743/- (Rupees Three Crores Ninety Three Lacs Fifty Eight Thousand Seven Hundred and Forty Three Only) and penalty of INR 50,19,546/- (Rupees Fifty Lacs Nineteen Thousand Five Hundred and Forty Six Only)," it noted.