Food and grocery delivery firm Swiggy has received a fresh notice from the Pune profession tax department for Rs 7.6 crore in unpaid tax, it said in a filing with stock exchanges.
This takes the total demand the company has received from multiple direct tax authorities in the past one month to almost Rs 167 crore.
According to the notice, the company violated the provisions related to deduction of profession tax from employee salaries, which is applicable in Maharashtra. The notice is for fiscal 2022.
Swiggy said it will appeal the assessment order raised. “The company believes that it has strong arguments against the order and is taking necessary steps to protect its interest through review/appeal,” it said in the filing on Saturday.
The company had earlier received notices from the income tax department for fiscal years 2018, 2019 and 2022, claiming that it had not deposited tax on the cancellation charges paid to merchants and the interest income on income tax refund.
In addition, authorities have also flagged unpaid goods and services tax amounting to more than Rs 327 crore.
On Friday, Swiggy’s stock ended 2.3% down at Rs 337.20 on the BSE.
For the October-December 2024 period, Swiggy posted operating revenue of Rs 3,993 crore, up 31% year-on-year. Its net loss widened during the three months to Rs 799 crore from Rs 574 crore a year earlier, largely due to investments in its quick commerce business.
This takes the total demand the company has received from multiple direct tax authorities in the past one month to almost Rs 167 crore.
According to the notice, the company violated the provisions related to deduction of profession tax from employee salaries, which is applicable in Maharashtra. The notice is for fiscal 2022.
Swiggy said it will appeal the assessment order raised. “The company believes that it has strong arguments against the order and is taking necessary steps to protect its interest through review/appeal,” it said in the filing on Saturday.
The company had earlier received notices from the income tax department for fiscal years 2018, 2019 and 2022, claiming that it had not deposited tax on the cancellation charges paid to merchants and the interest income on income tax refund.
In addition, authorities have also flagged unpaid goods and services tax amounting to more than Rs 327 crore.
On Friday, Swiggy’s stock ended 2.3% down at Rs 337.20 on the BSE.
For the October-December 2024 period, Swiggy posted operating revenue of Rs 3,993 crore, up 31% year-on-year. Its net loss widened during the three months to Rs 799 crore from Rs 574 crore a year earlier, largely due to investments in its quick commerce business.
You may also like
Shilpa Shirodkar revisits her school memories as a member of the 1989 batch
Nobody's Child launches collaboration with Elizabeth Scarlett that's full of 'spring staples'
FM Sitharaman to visit UK and Austria to boost financial collaborations, bilateral ties
Arsenal's dream new lineup as Gunners look to seal stunning £200m triple transfer
Rs 2 crore can't buy you a home in Delhi? Viral post explains why real estate has gone through the roof
