Swiggy Faces Tax Calls for Price Over Rs 165 Crore In Pune; Know Cause | Economic system Information

Swiggy Tax Demand Case: On-line meals and grocery supply big Swiggy is in scorching water once more—this time over a contemporary set of tax points linked to the monetary yr 2021-22. In a regulatory submitting on Saturday, the corporate revealed that it has acquired two tax evaluation orders, with the full demand exceeding Rs 165 crore. One of many orders got here from the Workplace of the Career Tax Officer in Pune, which slapped a Rs 7.59 crore penalty on Swiggy.

The discover alleges that Swiggy didn’t deduct career tax accurately from its staff’ salaries, a requirement underneath the Maharashtra State Tax on Professions, Trades, Callings & Employments Act, 1975. Swiggy, nevertheless, isn’t backing down. The corporate mentioned it believes it has robust authorized grounds to problem the order and is planning to file a assessment or attraction within the coming days.

“The Firm believes that it has robust arguments in opposition to the Order and is taking obligatory steps to guard its curiosity by assessment/attraction,” Swiggy said in its submitting. The corporate additionally clarified that the difficulty is not going to have a major affect on its funds or operations. This growth comes simply days after Swiggy was served one other evaluation order by the Deputy Commissioner of Revenue Tax, Central Circle 1(1), Bangalore.

Including to its tax woes, Swiggy has acquired one other evaluation order, this time demanding a further Rs 158 crore for a similar monetary yr—April 2021 to March 2022. In keeping with the order, the bigger tax demand stems from points like cancellation expenses paid to retailers, which tax authorities have disallowed underneath Part 37 of the Revenue-tax Act, 1961. It additionally consists of curiosity revenue from tax refunds, which officers declare was not correctly declared.

In a regulatory submitting, Swiggy said: “The Firm has acquired an evaluation order for the interval April 2021 to March 2022 the place an addition of Rs 158.25 crore has been made.”

Regardless of the hefty demand, Swiggy stays assured. The corporate mentioned it firmly believes in its authorized place and is already engaged on submitting an attraction. Much like the career tax concern, Swiggy assured that this new order is unlikely to considerably affect its monetary well being or day-to-day operations. (With Inputs From IANS)