Zomato, the online food delivery platform, has been served with a show cause notice (SCN) by the Goods and Services Tax (GST) office, amounting to ₹401.7 crore ($4.8 billion).

The reason: for allegedly not paying taxes on delivery fee collections from customers between October 29, 2019, and March 31, 2022. &nbsp;

Zomato's shares experienced a downturn, opening 1.69 per cent lower on BSE at ₹124.90 and 1.77 per cent lower on NSE at ₹124.80. &nbsp;

Zomato, in a regulatory filing, clarified that the sum in question is derived from delivery charges collected from customers on behalf of delivery partners during the specified period. &nbsp;

The development adds to the challenges faced by Zomato, as it deals with regulatory scrutiny and financial obligations. This SCN comes at a time when Zomato's share prices are showing signs of recovery after a period of volatility.

In parallel news, Zomato's Live Entertainment vertical is set to expand its presence by entering new cities and creating fresh intellectual properties (IPs). This move aligns with Zomato's recent introduction of a dedicated tab on its app, facilitating users in discovering and engaging with anticipated events across cities. &nbsp;

Zomato Live Entertainment, launched in 2018, started with the Zomaland IP, a food carnival and music festival spanning eight cities, attracting approximately 200,000 customers with its immersive blend of food, entertainment, and music.

Zeenah Vilcassim, CEO of Zomato Live, said that the company aims for a substantial double-digit contribution to Zomato's topline within three years.

She asserted that despite Zomato Live's current contribution being a single-digit percentage to Zomato's overall revenue, achieving a low double-digit contribution would be substantial, given the scale and size of the business in online ordering.

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Zomato, the online food delivery platform, has been served with a show cause notice (SCN) by the Goods and Services Tax (GST) office, amounting to ₹401.7 crore ($4.

Zomato, the online food delivery platform, has been served with a show cause notice (SCN) by the Goods and Services Tax (GST) office, amounting to ₹401.7 crore ($4.8 billion). The reason: for allegedly not paying taxes on delivery fee collections from customers between October 29, 2019, and March 31, 2022. Zomato's shares experienced a downturn, opening 1.69 per cent lower on BSE at ₹124.90 and 1.77 per cent lower on NSE at ₹124.80. Zomato, in a regulatory filing, clarified that the sum in question is derived from delivery charges collected from customers on behalf of delivery partners during the specified period. The development adds to the challenges faced by Zomato, as it deals with regulatory scrutiny and financial obligations. This SCN comes at a time when Zomato's share prices are showing signs of recovery after a period of volatility. In parallel news, Zomato's Live Entertainment vertical is set to expand its presence by entering new cities and creating fresh intellectual properties (IPs). This move aligns with Zomato's recent introduction of a dedicated tab on its app, facilitating users in discovering and engaging with anticipated events across cities. Zomato Live Entertainment, launched in 2018, started with the Zomaland IP, a food carnival and music festival spanning eight cities, attracting approximately 200,000 customers with its immersive blend of food, entertainment, and music. Zeenah Vilcassim, CEO of Zomato Live, said that the company aims for a substantial double-digit contribution to Zomato's topline within three years. She asserted that despite Zomato Live's current contribution being a single-digit percentage to Zomato's overall revenue, achieving a low double-digit contribution would be substantial, given the scale and size of the business in online ordering. WATCH WION LIVE HERE

Zomato share price dips after $4.8 bn tax show cause notice

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Zomato share price dips after $4.8 bn tax show cause notice