Brief by Shorts91 Newsdesk / 09:22am on 28 Dec 2023,Thursday Business
Zomato's stocks stumbled 5% to Rs 120.7 following a Rs 402-crore show-cause notice from GST authorities. The notice, issued under Section 74(1) of the CGST Act, questions Zomato about alleged tax dues from October 29, 2019, to March 31, 2022. Zomato asserts it's not liable for the tax, as delivery charges were collected on behalf of partners. The company, backed by legal and tax advice, plans a detailed response. While no penalties are imposed yet, Zomato, as a precaution, voluntarily discloses the matter, expressing confidence in its robust legal position amid this sizable alleged tax demand.
