India’s biggest food delivery company, Zomato mentioned recently that they received Goods & Services Tax demand and Penalty. The demand and penalty amounts to Rs. 11.81 crore. Thus, it is divided into two parts, Rs. 5.9 crore of demand and Rs. 5.9 Crore of penalty. We will share details about Zomato’s penalty and demand and its reaction to it. The company announced on Friday. Everyone is curious to know more about Zomato’s step further. Let us dive deep into the ongoing matter of the food delivery company Zomato below.
Zomato Receives Demand And Penalty From Goods And Services Tax (GST) For Rs. 11.81 Crores
Zomato gets the demand and penalty for Rs. 11.81 crores from the GST department. Thus, the period of the demand and penalty is from the period of July 2017 to March 2021. The demand is for Rs. 5.9 crores and the penalty is Rs. 5.9 Crores. If we talk about the demand order. The company gives its clarification. It mentions that there were proper proceedings from the company’s side.
Zomato gets the demand order for its subsidiaries outside India. It filled out all the documents required and also did the legal proceedings. However, the company didn’t receive any proper response from the authorities. Thus, they want to challenge the demand and penalty by appealing the authority.
The shares of Zomato are currently on the rise. The company opened up on the share market in 2021. The current share price is Rs.188.50 per share. It is currently 1.78% higher. The market cap of the company is currently at 1.64 Lakh Crore. Zomato’s share price raised almost 1.78% today. Zomato seems all ready to make the company grow out of this matter. As they took the necessary steps already.
Zomato recently announced a ‘Large Order Fleet’. It aims to deliver large orders to parties and farewells. There will be a large quantity of orders delivered through this step. Thus, it will cater to bigger catering needs as well. Zomato mentioned that the vehicle will be all-electric. Thus, it will also comply with India’s mission to make all vehicles electric by 2030. It is also India’s first Large Order Fleet.
Zomato is among the top performers in the food delivery. The issue took place for its export services to the subsidiaries. The company has been performing the activity since July 2017 to March 2021. The company will challenge the penalty as per the details. We will provide more updates about the company’s further steps shortly. Stay tuned for more information on our website.