Zomato share price drops over 2% on ₹400-crore worth GST notice
Zomato share price dropped 2.4% on Thursday's trading after Swiggy and Zomato received notices from country's top indirect tax agency regarding unpaid taxes totalling approximately ₹750 crore, CNBC-TV18 reported on Wednesday, citing sources. Zomato share price opened at ₹113.15 apiece on BSE today.
Zomato share price opened flat. According to the CNBC-TV18 news report, the Directorate General of GST Intelligence (DGGI) has sent tax demands worth over ₹400 crore to Zomato and approximately ₹350 crore to Swiggy.
As per the report, the DGGI decided to send the tax notices to Zomato and Swiggy as it considers delivery as a service. The taxation body found both the companies liable to pay the Goods and Services Tax (GST) on it for the period stretching between July 2017 and March 2023, the report said.
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