No GST on purchase of Stoke Park and Hamleys by Reliance: Minister of State in MOF

The Minister of State Shri Pankaj Chaudhary in the Ministry of Finance in a written reply to a question raised in the Rajya Sabha said, “No GST on purchase of Stoke Park and Hamleys by Reliance.”

The Questions that were raised by Shri Rajmani Patel:

Will the Minister of FINANCE be pleased to state –

(a) Whether it is a fact that Reliance Industries Ltd.(RIL) has acquired Britain’s Iconic Country Club and Luxury Resort Stoke Park for about 592 crore, British’s iconic toy store Hamley for 220 crore and US-based communication equipment maker Mimosa Network for Rs.300 crore;

(b) if so, the tax liabilities worked out by shell companies of RIL and paid to the Government including GST on the entire purchase amount; and

(c) the complete details of acquisition by RIL and its subsidiary companies during the last five years?

Replied by Minister of State Shri Pankaj Chaudhary:

(a): Companies are required to file a statement containing salient features of financial statements of subsidiaries/ associates/ Joint Ventures as per Companies Act, 2013 in Form AOC-I, on the MCA-21 portal. As per latest filings made by RIL under AOC-I, the information about cost of acquisition of these entities is not available. Details of companies with the name of Hamley are shown at S. No. 60-63 and that of Stokes Park at Sl. No. 236 of the AOC-I form filed by RIL for 2022-23. The name Mimosa Network does not appear in this AOC-I Form.

(b): There is no tax including GST on the purchasers on purchase of company or its shares.

(c): As per AOC-1 filed by RIL on MCA 21 Portal, it has a total of 255 subsidiaries at the end of FY 2022-23. 219 have been shown as acquired during the last 5 years (FY 2018-19 to FY 2022-23).