TBO Tek Gets GST Demand Notice Of INR 89 Lakh

SUMMARY

TBO Tek received a show cause notice from SGST Gurugram for tax discrepancies in FY 2017-18, totalling INR 89.12 lakh.

The company disclosed this in an exchange filing on August 2, 2024, stating it needs to pay the differential tax along with interest and penalties.

TBO Tek's strong financial performance in FY 2024 includes a 31% revenue increase to INR 1,393 crore and a 35% rise in profit to INR 201 crore.

B2B travel portal Travel Boutique Online (TBO Tek) has received a show cause notice from the Deputy Commissioner of State Tax (SGST), Gurugram (East), over mismatch in tax filings for the financial year 2017-18, amounting to INR 89.12 Lakh.

“Show cause notice in form DRC-01 for short payment of tax liability for the financial year 2017-18 on account of mismatch between GSTR-1 and GSTR-3B. Consequential demand raised for the payment of differential tax amount along with interest and penalty aggregating to INR 89,12,908,” as per the company’s exchange filing.

TBO Tek made a strong entry on the public market on May 15 as it listed at INR 1,426, a 55% premium over the issue price of INR 920 in NSE. Similarly, in BSE, the stock price was listed at INR 1,380, a 50% premium of the similar issue price.

The travel tech firm has been on a growth trajectory, recently appointing Gerardo Del Rio, former CFO of DidaTravel, as the president of its international business to drive global expansion.

This appointment came as TBO actively pursued international growth through strategic acquisitions and the launch of new brands targeting specific international markets.

For the financial year 2024, TBO Tek reported strong results with a 31% increase in revenue to Rs 1,393 Cr and a 35% rise in profit after tax to INR 201 Cr. The company’s gross transaction value stood at INR 26,536 Cr, marking a 19% increase from the previous year.

As of the close of trading today, TBO Tek’s stock price on the NSE stood at INR 1,750.10.