Delhivery receives GST Tax Demand Notice:

Delhivery receives GST Tax Demand Notice The listed logistics firm Delhivery has received a goods and services tax (GST) demand notice for almost INR 5.5 lakh from the Assistant Commissioner of Commercial Taxes (Enforcement), Kolar, Karnataka, according to a filing. The notice that was received on 3rd September seeks a penalty of INR 2,74,465 under the KGST Act of 2017 and an additional penalty of INR 2,74,465 under the CGST Act of 2017. According to the filing, Delhivery settled the penalty amount on September 4. The filing also stated that there is no meaningful impact on the company's financials, operations, or other activities. The tax penalty for Delhivery came shortly after the company increased its employee stock option plan (ESOP) pool by granting 63,538 stock options to qualified employees. The company posted a net profit of INR 54.3 crore in the first quarter of FY25, a considerable improvement over the net loss of INR 89.4 crore in Q1 FY24. Delhivery's Q1 service revenue increased 13% to INR 2,172 Cr, up from INR 1,930 Cr a year earlier. This also comes at a time when the meal delivery business Zomato has been receiving tax demand notices for some time. The company most recently received a tax demand and penalty order for almost INR 3.5 lakh on August 31. Prior to that, the foodtech firm received tax demand and penalty orders totalling more than INR 4.59 crore for goods and services tax (GST).