Biz Updates: West Bengal GST Authority sends GST notice of 17.7 crore to Zomato
New Delhi| Food delivery platform Zomato has received a notice of Rs 17.7 crore from the GST department. The company said on Wednesday, it has received this notice along with penalty and interest from the West Bengal GST Authority. The case is between April, 2021, and March, 2022, the company said. At present Zomato is considering appealing against it.
Tupperware Brands Corp, which manufactures containers for kitchen and home use, has filed for bankruptcy. The company has taken this decision after struggling for many years with the decline in sales globally and increasing competition.
The company has applied for Chapter-11 Bankruptcy Protection, which allows the business to reorganize its debt and assets to continue working. Tupperware reported in court filings that it has assets of between $500 million and $1 billion, while the company has debts of between $1 billion and $10 billion.
Tupperware sales improved somewhat in the early days of the COVID-19 pandemic, but overall sales have been steadily declining since 2018 due to increased competition. Last year, the company sought additional financing. The company had also warned investors about its ability to stay in business and the risk of delisting from the New York Stock Exchange (NYSE). As of June 2024 the company decided to close its last US plant. Due to this many people became unemployed.
Tupperware’s share has fallen 56.04% in the last 5 days. At the same time, so far this year, its share has seen a fall of 75%. Tupperware’s share has fallen 96.75% in the last 5 years.
Net direct tax collection so far increased by 16.12 per cent to more than Rs 9.95 lakh crore in the current financial year. This jump has been recorded due to sharp increase in advance tax collection. During this period, refunds worth Rs 2.05 lakh crore were issued, which is 56.49 per cent more than the same period a year ago.
According to government data, net personal income tax (PIT) collections increased by 19 per cent to Rs 5.15 lakh crore between April 1 and September 17. During this period, corporate tax collection increased by 10.55 per cent to more than Rs 4.52 lakh crore. Tax revenue associated with securities transactions stood at Rs 26,154 crore. Advance tax collection increased by 22.61 per cent to Rs 4.36 lakh crore. According to the data, the government earned Rs 12.01 lakh crore as gross direct tax collection in this period. This figure is 21.48 per cent higher than in the same period a year ago.
The government has set a target of direct tax collection of Rs 22.12 lakh crore during the current financial year 2024-25. This is 13 per cent more than a year ago. Rohinton Sidhwa, partner, Deloy India, said personal income tax continues to show strength.
The inclination of non-Islamic countries towards Halal Holmark products is increasing rapidly. The international Halal Shokesh (Mihas) 2024, held in Kuala Lumpur, the capital of Malaysia, features representatives from 66 countries This is the largest event ever in the history of halal business. The special thing is that countries like China, Singapore, Japan, Indonesia, Myanmar and Vietnam are included in the Halal trade show.
This year the event is being held at Amityec Kuala Lumpur from 17 to 20 September 2024. Mihas 2024 claims the participation of more than 40 thousand people. At the same time, more than 2000 booth stalls have been set up in the exhibition.
