Business Today

MakeMyTrip receives Rs 73.9 crore in tax refund after Supreme Court's verdict

The Supreme Court upheld the decision of the Delhi high court directing the Directorate General of Central Excise Intelligence (DCGEI) to refund the tax amounts due to NASDAQ-listed MMT

twitter-logo PTI        Last Updated: February 26, 2019  | 16:45 IST
MakeMyTrip receives Rs 73.9 crore in tax refund after Supreme Court's verdict

Online travel firm MakeMyTrip has received a tax refund of Rs 73.9 crore, an amount it had deposited with DCGEI under protest pursuant to a probe into service tax matters, according to a regulatory filing.

In the filing to the United States Security Exchange Commission, the NASDAQ-listed company said that after the Supreme Court upheld the decision of the Delhi high court directing the Directorate General of Central Excise Intelligence (DCGEI) to refund the tax amounts due to the company, DCGEI has refunded the amount to MMT India and ibibo India.

"During the year ended March 31, 2016, MakeMyTrip (India) Pvt Ltd and ibibo Group Pvt Ltd had deposited a total amount of Rs 73.9 crore as tax under protest pursuant to an ongoing investigation by the DGCEI that began during that fiscal year for matters related to service tax on hotel bookings facilitated by MMT India and ibibo India during certain previous periods," the filing said.

The high court thereafter directed the DGCEI to refund these tax amounts, while allowing the body to continue with the adjudication proceedings, it added.

"The Delhi High Court's order was further upheld by the Supreme Court of India in the appellate proceedings initiated by the DGCEI, and consequently the DGCEI processed a full refund of the aforementioned tax amount, and the funds have been received by MMT India and ibibo India as on February 25, 2019," the filing said.

In 2016, central excise authorities had arrested MakeMyTrip Vice-President (Finance) M K Pillai for alleged evasion of service tax, a move that was challenged by the company in the Delhi High Court.

Also Read: IAF strikes across LoC LIVE: Mirage jets drop 1,000kg bombs; JeM terror camps destroyed in Surgical Strike 2.0

Also Read: IAF attacks terror camps in PoK: All you need to know about the Mirage 2000

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close