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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Swiggy shares in focus after Rs 158 crore tax demand, firm plans to appeal
Swiggy shares will be in focus on Wednesday after the food and grocery delivery firm received an assessment order from the Income Tax Department for unpaid dues of Rs 158.25 crore.
The tax demand pertains to the fiscal year 2022, during which Swiggy did not pay tax on cancellation charges paid to merchants and interest income from an income tax refund, the company said.
“The company believes it has strong arguments against the order and is taking necessary steps to protect its interests through review/appeal. The company believes the order has no major adverse impact on its financials and operations,” Swiggy stated.
Also Read: Stocks in news: Tata Consumer, Swiggy, Godavari Power, Tata Motors, Indian Bank
Earlier, the Bengaluru-based company received notices from the Income Tax Department for unpaid dues related to cancellation charges paid to merchants in financial years 2018 and 2019, totaling Rs 1.1 crore. Swiggy had said last month that it would be appealing those assessment orders as well.
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For the October-December 2024 period, Swiggy posted an operating revenue of Rs 3,993 crore, up 31% year-on-year (YoY). Its net loss, however, 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.
In addition to the income tax notices, authorities have also flagged unpaid Goods and Services Tax (GST) amounting to over Rs 327 crore by the company, which went public in November 2024.
The GST notices issued to Swiggy
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21.05 / 10:17
markets
UPS
IPO
NVIDIA
SpaceX
Even at $5 trillion, Nvidia is underappreciated
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21.05 / 10:17
markets
Digital
CEO
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Omnicom
RK Swamy bets on integrated advertising model as global agency giants split media and creative
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markets
IPO
Racing
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SpaceX
SpaceX, Anthropic and OpenAI’s sprint to go public defines the AI boom’s big day
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21.05 / 09:47
markets
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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markets
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‘Should I Marry a Murderer?’ has left audiences stunned but what they saw wasn’t all that bizarre
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
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UPS
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