Shares of the online food delivery platform are in focus today as the company has received a GST demand notice of Rs 9.5 crore from the tax department of Karnataka. This notice has been received for the financial year 2020. This includes interest and penalty. Shares of Zomato are trading down by about 1.5% at Rs 197 today. The stock has gained more than 12% in a month. At the same time, the stock has given a return of 58.55% in 6 months. The stock has seen a rise of 161% in a year. Zomato submitted documents in response to the notice The company informed the stock exchanges that in response to the show cause notice, Zomato has given clarification on the matter along with documents and judicial precedents. This was not seen by the officials while passing the order. According to Zomato’s filing, in the notice of Rs 9.5 crore received from the tax department of Karnataka, the company has been charged Goods and Services Tax (GST) of Rs 5.01 crore, interest of Rs 3.93 crore and a penalty of Rs 50,19,546. Tax notice of Rs 23.26 crore was given in March Earlier in March, the company had received a notice of tax demand and penalty of Rs 23.26 crore from the tax department of Karnataka. Then the company had said that its case is strong on the basis of merit and it will appeal against the order before the appropriate authority. The company made a profit of ₹ 351 crore in FY24 In the financial year 2023-24, Zomato made a consolidated profit of Rs 351 crore while the revenue of the whole year was Rs 12,114 crore. In the financial year 2023, the company had a loss of Rs 971 crore while the revenue was Rs 7,079 crore. At the same time, in the fourth quarter of 2024, the company recorded a profit of Rs 175 crore. In the same quarter a year ago i.e. Q4FY23, Zomato had a loss of Rs 188 crore. This is the fourth consecutive quarter when the company’s earnings have been in the green mark. Income increased by 73% to Rs 3,562 crore in the fourth quarter The company’s revenue also increased by 73% year-on-year to Rs 3,562 crore in the fourth quarter. The company’s revenue has increased at a time when this sector is facing the pressure of low demand. In the same quarter last year, Zomato had recorded a revenue of Rs 2,056 crore. Also read these news… Zomato gets GST notice of Rs 401 crore: Company said – takes delivery charge for restaurant partners, not responsible for paying tax Food delivery company Zomato has received a notice of unpaid Goods and Services Tax (GST) of Rs 401.7 crore. The company has received this notice for the outstanding tax on delivery charge collection during 29 October 2019 to 31 March 2022. Click here to read the full news…
