Listed logistics firm Delhivery has received a goods and service tax (GST) demand notice of nearly INR 5.5 Lakh from the Assistant Commissioner of Commercial Taxes (Enforcement), Kolar, Karnataka
As per the filing, Delhivery settled the penalty payment on September 4
The tax penalty on Delhivery comes right after it expanded ESOP pool by allocating 63,538 stock options to the eligible employees
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Listed logistics firm Delhivery has received a goods and service tax (GST) demand notice of nearly INR 5.5 Lakh from the Assistant Commissioner of Commercial Taxes (Enforcement), Kolar, Karnataka, the company said in a filing.
The notice, received on Tuesday (September 3), demands a penalty of INR 2,74,465 under KGST Act, 2017, and an additional penalty of INR 2,74,465 under CGST Act, 2017.
As per the filing, Delhivery settled the penalty payment on September 4.
Additionally, there is no material impact on financials, operations or other activities of the company, the filing added.
The tax penalty on Delhivery comes right after the company expanded its employee stock option plan (ESOP) pool by allocating 63,538 stock options to the eligible employees.
The company reported a net profit of INR 54.3 Cr in the first quarter of FY25, a significant turnaround from the net loss of INR 89.4 Cr in Q1 FY24.
Delhivery’s Q1 revenue from services grew 13% to INR 2,172 Cr, up from INR 1,930 Cr, a year ago.
This also comes at a time when food delivery chain Zomato has been in light of tax demand notices for a while.
Most recently, the company received a tax demand and penalty order amounting to nearly INR 3.5 Lakh, on August 31. Prior to that, the foodtech major was slapped with tax demand and penalty orders amounting over INR 4.59 Cr related to goods and services tax (GST).
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.