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Zomato on Sunday stated that it has been issued a tax demand, along with interest and penalty, amounting to Rs 23.26 crore by the Assistant Commissioner of Commercial Taxes (Audit) in Karnataka. The popular online food delivery service also outlined its intention to appeal the order before the appropriate authority.
Zomato’s regulatory filing
In a regulatory filing to the BSE, the company said it has “received an order for FY 2018-19 pursuant to the audit of GST returns and accounts by the Assistant Commissioner of Commercial Taxes (Audit), Karnataka, raising demand of GST of Rs 11,27,23,564, along with applicable interest 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 said in the filing.
Zomato’s shares touched 52-week high
Last month, the shares of online food delivery firms ended nearly 4 per cent higher after the company reported a consolidated net profit of Rs 138 crore in the third quarter ended December 31, 2023.
The stock advanced 5.17 per cent to hit a 52-week high of Rs 151.45 during the day on the BSE. It ended at Rs 149.45, higher 3.78 per cent. On the NSE, shares of the company ended at Rs 149.10, up 3.46 per cent after jumping 5 per cent to Rs 151.40 — its 52-week high level.
The company had posted a consolidated net loss of Rs 347 crore in the same quarter last fiscal, Zomato Ltd said in a regulatory filing. Consolidated revenue from operations stood at Rs 3,288 crore. It was at Rs 1,948 crore in the year-ago period, it added.
(With inputs from PTI)
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