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New Delhi, <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> shares were trading more than 4 per cent down on Thursday morning after it received Rs 400 crore show-cause notice from the goods and services tax (GST) authorities over unpaid dues collected as "delivery charges". The Directorate General of GST Intelligence (DGGI) last month issued a demand notice to Zomato and its rival <keyword id="19896956" type="General" weightage="80" keywordseo="swiggy" source="keywords">Swiggy</keyword>, asking them to pay pending dues of over Rs 400 crore and Rs 350 crore, respectively. The show-cause notice to Zomato is for the period between October 29, 2019, and March 31, 2022, according to media reports. The food delivery platform said that it "strongly believes that it is not liable to pay any tax since the delivery charge is collected by the company on behalf of the delivery partners". In a regulatory filing, Zomato said that in view of the contractual terms and conditions mutually agreed upon, "the delivery partners have provided the delivery services to the customers and not the company". "The company will be filing an appropriate response to the show cause notice (SCN)," Zomato added. "At this stage, no order of any kind has been passed and as mentioned above, the company believes that it has a strong case on merit," said the company. Last month, Zomato and Swiggy received GST notices on delivery charges. As per Zomato and Swiggy, 'delivery charge' is nothing but the cost borne by the delivery partners who go to deliver food from door to door. Swiggy recently increased the platform fee from Rs 2 to Rs 3 for food orders. A Swiggy spokesperson had told IANS that "there has been no significant change on platform fee, which is applied by most service players and is a common practice across industries". Zomato earlier increased its platform fee to Rs 3 per order from an initial Rs 2.

Zomato stock down after Rs 400 cr show-cause notice for GST dues

New Delhi, Online food delivery platform <keyword id="19901323" type="General" weightage="20" keywordseo="zomato" source="keywords">Zomato</keyword> said it has received a service tax demand and penalty order aggregating over Rs 184 crore, and will file an appeal against it before an appropriate authority. The demand order has been received for non-payment of service tax for the period October 2014 to June 2017 determined on the basis of certain sales made by the foreign subsidiaries and branches of the company to its customers located outside India, the company said in a late night regulatory filing. The company also mentioned that in its response to the show cause notice it had clarified on the allegations along with supporting documents and judicial precedents, "which appears to not have been appreciated by the authorities while passing the order." Subsequently, the company said it received the order passed by the Delhi Central Tax Commissioner (Adjudication) on April 1. "The company has received an order for the period October 2014 to June 2017 passed by the <keyword id="21166478" type="General" weightage="20" keywordseo="commissioner-adjudication-central-tax" source="keywords">Commissioner, Adjudication, Central Tax</keyword>, Delhi raising demand of service tax of Rs 92,09,90,306, along with applicable interest (not quantified) and penalty of Rs 92,09,90,306," Zomato said. The company said it will be filing an appeal against the order before an appropriate authority as it believes it has a "strong case on merits".

Zomato gets service tax demand and penalty order of ₹184 crore

When A (name kept anonymous) bought tickets for the 2025 <keyword id="22044624" type="General" weightage="20" keywordseo="Coldplay-concert" source="keywords">Coldplay concert</keyword> in Mumbai from a certain “concert organizer” account on <keyword id="19900288" type="General" weightage="20" keywordseo="instagram" source="keywords">Instagram</keyword>, they were over the moon. Yes, the tickets were exorbitantly expensive, way above the prices advertised on <keyword id="20215809" type="General" weightage="100" keywordseo="BookMyShow" source="keywords" meta.keywordsubtype="org" meta.entityname="BookMyShow" meta.hostid="261" meta.entityid="BookMyShow">BookMyShow</keyword> (BMS), the official ticketing partner. But so what? What mattered was that they could finally attend Coldplay's concert. At 12 noon on September 22, when bookings for Coldplay’s 2025 India leg of “Music of the Sphere” world tour had commenced, A was also in line, having logged in since 11:30 am, from 4 different screens and through 6 cousins. But God, and BMS were in no mood to reward her efforts and patience. The ticket sale lasted for a mere few seconds, before the site crashed and all tickets were sold out. Turns out, even the second time wasn’t the charm for them. The first time, too, A had not been able to get tickets for Diljit’s Dil-luminati India tour, which had gone live earlier last month. They had applied for an HDFC Pixel credit card to access the early-bird offer, but it was as if luck was taunting them “vibe teri meri na mildi aa”. could not get tickets for Diljit’s concert as well, which had also vanished within minutes of going live, much like Coldplay's. That’s why, when they saw that tickets for both Diljit and Coldplay were being sold by various Instagram accounts, despite showing as sold out on <keyword id="20496317" type="General" weightage="20" keywordseo="Zomato-Live" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato Live" meta.hostid="261" meta.entityid="Zomato Live">Zomato Live</keyword> and BookMyShow, it seemed magical to A. And per Coldplay, “If you were to ask me, after all that we've been through. Still believe in magic?”, the only acceptable response is “Yes I do, of course I do!” So, they went ahead, agreed to pay Rs 35,000, and bought Coldplay tickets which would’ve cost them Rs 6,450 via BMS. A steep price to pay, but at least they had their ticket to “an experience of a lifetime!”. As it is, the band had announced its retirement post its 12th album, and the band had just launched its 10th album, "Moon Music". <h2>BookMyShow to “fix” scalpers?</h2>But this morning, BMS startled many people like A by stating that unethically sourced tickets (read: tickets not directly booked via BMS) could be canceled. The platform had already filed an FIR to this effect with the <keyword id="19906039" type="General" weightage="20" keywordseo="Mumbai-police" source="keywords">Mumbai police</keyword> on October 2, 2024, against the rampant “ticket scalping and black marketing of tickets for Coldplay's <keyword id="22420646" type="General" weightage="20" keywordseo="Music-of-the-Spheres" source="keywords">Music Of The Spheres</keyword> World Tour 2025 in India”. The ticketing platform added that they had provided details of all resellers that had caught their sight, including independent individuals reselling tickets for Coldplay’s tour across social media platforms such as Instagram (where A had purchased their tickets from) and WhatsApp. Not just these small resellers, but multinational ticket exchange and <keyword id="23273060" type="General" weightage="20" keywordseo="ticket-resale" source="keywords">ticket resale</keyword> platform <keyword id="23278340" type="General" weightage="20" keywordseo="viagogo" source="keywords" meta.keywordsubtype="org" meta.entityname="viagogo" meta.hostid="261" meta.entityid="viagogo">Viagogo</keyword>, and its parent company StubHub Holdings have also been served legal notices by Zomato Live and BMS. While Zomato Live has not commented on if the tickets purchased via Viagogo or such scalpers would be canceled or not, it is no secret that hours after the tickets were shown as sold out on these official sites, tickets for both Diljit and Coldplay’s concert were available on Viagogo, albeit at sky-high prices. Even as of today, you can buy tickets for Coldplay’s concert in Mumbai’s DY Patil Stadium on January 19th, 2025 on Viagogo. The catch? You should be willing to empty your pockets. Consider this. Tickets for level 2 stand E were priced at Rs 9,000 on BMS. On Viagogo, the tickets for this specific category start at Rs 54,431, and go as high as Rs 1,89,512. The tickets A bought were also originally priced at Rs 6,450. But on Viagogo, the starting range is Rs 31,288, going up to Rs 1,13,207. Talk about earning 5x-6x returns! In comparison, the ticket prices offered by these Instagram reseller accounts, also termed as scalpers, might look benign, even generous. But at the end of the day, scalpers are also looking to rake in profits, which they earn by selling these tickets in bulk i.e. lots of 5-10 tickets at once. After all, who is attending concerts alone? The slim margins on individual tickets are well cushioned by the extra bucks brought in by the higher quantities of tickets sold at once. Consider this: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Phase/Level (For Diljit’s Concert) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Original Price (As shown on Zomato Live) (In Rs) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prices offered by an IG account reselling tickets for Delhi (26th October, 2024) (In Rs) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Silver </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,499 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,399-3,999 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gold Standing (Phase 1,2,3) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 4,999-8,999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,999- 10,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fan Pit (Standing) Phase 1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fan Pit (Standing) Phase 2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25,000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Zomato Live, IG accounts of resellers/scalpers <h2>Modus Operandi</h2>Most scalpers don't demand the entire money upfront. In A’s case, the scalper demanded a 20% advance for booking confirmation. Others ask for as much as 50% of the booking amount. Once that’s done, the customer would get an e-ticket on their registered email ID, which will mention their seat number and booking ID. Then, once this customer pays the remaining amount, the physical tickets will be dispatched to their registered address. Mind you, these physical tickets are important. Just e-tickets won't make the cut for both Coldplay and Diljit. You would not be able to enter the venue if you don't have this physical ticket or a wearable band. So, if the tickets are not delivered to your place before the concert, you’d be left stranded, even after paying all that money. Also, dont be surprised with a constant, relentless barrage of messages and calls, if you so much as just inquire about the tickets. Most scalpers, in a bid to quickly close on the opportunity, call incessantly, not giving buyers enough headspace to make rational, or for that matter, rationally priced decisions. But even after all the hassle, there is no guarantee of timely, or even delivery. While there were multiple screenshots on each of these pages, showing confirmation from various Instagram users saying that tickets had been delivered, but is that convincing proof enough? Or legal enough? <h2>Its legit, its not legit-No one knows! </h2>Well, it's a gray area, truth be told. But Germaine Pereira, Partner, Solomon &amp; Co. underlines that if the buyer is willing to pay a premium or higher price than the ticket’s original face value, it is valid, and perfectly legal under the Indian Contract Act, 1872 “Ticket resale or scalping, where individuals or entities buy tickets for specific events, and then resell such tickets at a higher price to make a profit, is valid if it meets the essential elements of a contract-offer, acceptance, consideration, and lawful object. Unless there is a clearly established motive of cheating or fraudulent inducement or exorbitant pricing of tickets in the secondary markets, there’s nothing wrong”, continues Pereira. State governments are also largely reluctant to establish regulations in these waters, since a resale would entail double entertainment tax, which only adds to their coffers. Says advocate Siddharth Chandrashekhar, Senior Panel Counsel at Bombay High Court, "Although some state police forces, like in Tamil Nadu, Karnataka and Punjab, have cracked down on illegal sales, arrests are rare, and the absence of cohesive legislation leaves enforcement inconsistent. Black marketing or reselling of live event tickets at escalated prices constitutes an offense under the Bharatiya Nyaya Sanhita 2023 for petty crimes, the Consumer Protection Act 2019 for unfair trade practices, and the Competition Act 2002 for abuse of dominant position”, Chandrashekhar highlights. “While Maharashtra’s Entertainment Duty Act, 1923, attempts to curb resale for some events, most states lack clear laws addressing scalping. Concert ticket scalping in India operates in a regulatory vacuum. With no specific national laws, opportunistic sellers can legally resell tickets for exorbitant sums, with no recourse for buyer”, he signs off.

'Will my tickets get canceled now?' people who purchased tickets from scalpers during the Diljit-Coldplay mania ask

<ul><li>New Year's Eve saw <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> temporarily increasing its <keyword id="7196797" type="General" weightage="20" keywordseo="platform-fee" source="Orion">platform fee</keyword> as high as ₹9 per order in certain markets.</li><li>In August last year, Zomato introduced a ₹2 platform fee to improve its <keyword id="45934" type="General" weightage="20" keywordseo="margins" source="Orion">margins</keyword> and become <keyword id="6794530" type="General" weightage="20" keywordseo="profitable" source="Orion">profitable</keyword>.</li><li>Constant increase in delivery/platform fee may enable lower <keyword id="382629" type="General" weightage="20" keywordseo="growth-rates" source="Orion">growth rates</keyword> for order volume</li></ul> Buoyed by record food orders on New Year's Eve, food delivery platform Zomato increased its mandatory platform fee to ₹4 from ₹3 per order across key markets. The new rates were effective from January 1. New Year's Eve saw Zomato temporarily increasing its platform fee as high as ₹9 per order in certain markets. The company's shares opened high (hovering around ₹126 in morning) on Tuesday after international brokerage firm CLSA remained bullish on its stock. In August last year, Zomato introduced a ₹2 platform fee to improve its margins and become profitable. The company later increased the platform fee to ₹3 before raising it again on January 1 to ₹4. The new platform fee is levied on all customers, including Zomato Gold. “This has been one of the ways of improving profitability for Zomato - apart from ad revenue, delivery charges and higher commission from restaurants - as margin levers. Zomato does about 85 - 90 crore orders annually - an increase in each Re 1 convenience fee will lead to a positive impact of ₹85-90 crore on EBITDA - which is around 5% positive impact on EBITDA,” says Karan Taurani, Senior Vice President-Research Analyst at Elara Capital. However, he says that constant increase in delivery/platform fee may enable lower growth rates for order volume and one would need to monitor potential impact of this on order volume growth. Zomato and its quick commerce platform Blinkit saw highest-ever orders and bookings on the New Year's Eve, compared to previous years. "We have delivered almost as many orders on NYE 23 as we did on NYE 15, 16, 17, 18, 19, 20 combined. Excited about the future!" Zomato Founder and CEO Deepinder Goyal posted on X. Albinder Dhindsa, CEO, Blinkit said they crossed the total number of orders they did on NYE 2022 in the evening only. "We've already hit highest-ever orders in a day, OPM (orders per minute), soft drinks and tonic water sold in a day, chips sold in a day, tips given to riders in a day (thank you India)," Dhindsa informed. Meanwhile, Zomato received notices from the tax authorities in Delhi and Karnataka over alleged short payment of goods and services tax (GST) amounting to ₹4.2 crore. Zomato said it will appeal against the tax demand notices. This came after Zomato received ₹400 crore show-cause notice from the goods and services tax authorities over unpaid dues collected as "delivery charges". With inputs from IANS

Zomato hikes platform fee to ₹4 across key cities after bumper NY Eve

<ul><li>The government of <keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword> currently imposes 10% <keyword id="935478" type="PERSON" weightage="20" keywordseo="motor-vehicle-tax">motor vehicle tax</keyword> on four wheelers below ₹10 lakh and 15% on vehicles above the said amount.</li><li>Tamil Nadu accounts for almost 10% of all vehicles registered in India, according to the Ministry of Road Transport and Highways.</li><li>A car with a price tag of ₹10 lakh would cost over ₹12.8 by the time you can drive it out of the showroom.</li></ul>The Tamil Nadu government recently released a white paper ⁠— and the state’s Finance Minister Palanivel Thiagarajan echoed the sentiment ⁠— that complained that the tax on motor vehicles in the state had not changed in nearly 15 years. The statement only hints towards one direction, that the government has finally taken notice of the matter that had been lingering around for the past decade and a half. The state — which is also home to the automobile hub of India, Chennai — may also take some action to fix this in the near-future. The small to midsize-car owners and makers of cars ranging upto ₹20 Lakh — may still be able to sail past these potential policy updates. But the risk is much higher for luxury car owners and makers like Mercedes, BMW and any other car maker that sells cars at more than ₹20 lakhs a unit. This could even include the high-end cars from Indian auto giants like Tata Motors and Mahindra. If the Tamil Nadu government decides to act on the white paper, it would make at least one in every 10 cars sold in the country more expensive, at a time when car sales have been slow for over three years. Tamil Nadu is the third largest state in terms of vehicle registration , according to data <a href="https://vahan.parivahan.gov.in/vahan4dashboard/">shared</a> by the Ministry of Road Transport and Highways. As per the data, Tamil Nadu accounts for 10% of vehicles registered between 2017 to August 12 of 2021. Notably, Tamil Nadu currently charges 10% motor vehicle tax on vehicles below ₹10 lakh and 15% tax rate on vehicles above ₹10 lakh. The current car taxation policy in Tamil Nadu: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Costs/Taxes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cost of car </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,00,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motor Vehicle Tax in Tamil Nadu (at 10% rate) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,00,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GST* (at 18% rate) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,80,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Road Safety Tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Service Charge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12,82,300 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>*GST ranges between 18-28% based on the size and engine power of the car. The government charges 28% GST or above on sports utility vehicles (SUVs) and luxury cars. As it is visible above, a car with a price tag of ₹10 lakh would be worth ₹12,82,300 by the time you can drive it out of the showroom. This also includes the Goods and Service Tax (GST) imposed by the Union government and split with the state government. Now, Finance Minister Thiagrajan’s worry is that the state is losing revenue and many people from neighbouring states like Kerala and Karnataka are registering their cars in Tamil Nadu because the taxes are lower. The Tamil Nadu government expects to collect a little over ₹6500 crore taxing new motor vehicles by FY22, Finance Minister Thiagarajan said in his state budget speech this week. He also added that the government expects a 12% growth rate in such revenue in each of the next two years. Tax on four wheelers in Tamil Nadu and neighbouring states: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">States </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">For vehicles four wheelers upto ₹5 lakhs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">For purchase value upto ₹10 lakhs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">For vehicles between ₹15-₹20 lakhs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">For vehicles above ₹20 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://tnsta.gov.in/taxes_thirdschedule_sub.jsp">Tamil Nadu</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% of purchase price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.coverfox.com/personal-finance/tax/road-tax/kerala/">Kerala </a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% of purchase price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.bankbazaar.com/tax/karnataka-road-tax.html">Karnataka</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% of purchase price </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> While the Tamil Nadu government is talking about taxing motor vehicles in general, the data shows that the multiple tax slab schemes been a major point of difference when compared to Karnataka and Kerala. The multiple tax slabs have allowed both Kerala and Karnataka government to charge much higher motor vehicle tax rate to customers buying luxury cars above ₹20 lakh. The other interesting bit here is that while Karnataka taxes motor vehicles more, it still ranks right after Tamil Nadu in terms of the number of vehicles registered in the state. This shows that the tax alone may not be the determining factor. As per the data <a href="https://vahan.parivahan.gov.in/vahan4dashboard/">shared</a> by the Ministry of Road Transport and Highways, Karnataka earned ₹49,782 crore and Tamil Nadu earned ₹44,031 crore in the same period. Kerala, despite not being mentioned as one of the top five states in terms of vehicle registration, was the fifth biggest collector with ₹30,950 crore revenue between the same time frame. Meanwhile, Tamil movie stars <a href="https://www.financialexpress.com/india-news/tamil-actor-vijay-gets-relief-from-madras-high-court-in-rolls-royce-ghost-car-tax-exemption-plea-case/2298732/">Vijay</a> and <a href="https://indianexpress.com/article/cities/chennai/dhanush-faces-hc-wrath-for-seeking-tax-exemption-for-imported-rolls-royce-7440719/">Dhanush</a> had recently approached the courts seeking tax waivers on their imported luxury cars. The courts rejected the plea. A slowing economy, lack of mobility due to lockdowns and increased work from home, has kept car sales in India on the slow lane for a while now. <div type="image" title="Tamil Nadu government is upset about losing money on luxury cars" msid="85322721" hostid="261"></div> Car sales growth rate witnessed a 21-year-low dip in December 2019, according to data<a href="https://economictimes.indiatimes.com/industry/auto/auto-news/reverse-gear-domestic-car-sales-plunge-for-the-10th-straight-month-down-41-in-august/articleshow/71044021.cms?from=mdr"> shared</a> by the Society of Indian Automobile Manufacturers (SIAM). COVID-19 further resulted in <a href="https://www.businessinsider.in/business/auto/news/covid-19-lockdowns-and-curfews-affecting-worlds-fourth-largest-automobile-market/articleshow/82195326.cms">shutting down </a>of production at original equipment manufacturers (OEMs), disrupted supply chain and reduction in consumer demand. Higher duties in states like Tamil Nadu could deter buyers even more. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/india-now-has-four-edtech-unicorns-byju-unacademy-eruditis-upgrad/articleshow/85300757.cms">From Byju’s to Eruditus — India now has four edtech unicorns, thanks to a $4 billion funds flowing in since 2020</a> <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms">Travel app ixigo files for a ₹1,600 crore IPO</a> <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a>

Tamil Nadu government is upset about losing money on luxury cars

<ul><li>All startups will now have to disclose the source of capital of the creditor they are borrowing from.</li><li>This means a startup would have to prove the genuineness and creditworthiness of the said creditor.</li><li>The Income Tax department is empowered to impose tax on this loan or borrowing if it is unable to offer a satisfactory explanation.</li><li>You can see Business Insider’s budget coverage <a href="https://www.businessinsider.in/budget">here</a>.</li></ul>While the government of India has set forth the agenda of “trust-based governance”, it has also issued a counter-argument by making startups responsible for the source of income of their creditors. According to the latest amendment of Section 68 of the Income Tax Act, all startups will have to disclose the source of capital of the creditor they are borrowing from. The amendment was highlighted in the latest finance bill issued by the government on February 1, the day India’s Union Budget for 2022-23, was announced. This means a startup would have to prove the genuineness and creditworthiness of the said creditor. This is an issue as several startups do borrow money from high networth individuals and family offices. Rahul Charkha, Partner at Economic Laws Practice, told Business Insider, the tax authorities are well within their right to treat the loans and borrowings as unexplained cash credits if one is unable to prove the source of income. It can then “tax the same at 60% (plus surcharge and cess) without providing any benefit of basic exemption limit and slabs and would also attract penal consequences,” he added. Even though Finance Minister Nirmala Sitharaman has <a href="https://www.businessinsider.in/budget/news/budget-for-startups-2022-finance-ministry-proposes-to-extend-tax-holiday-by-another-year/articleshow/89269955.cms">mentioned</a> that “startups have emerged as a driver of growth for our economy”, the latest amendment is being seen as a set back to the same ecosystem. Tax experts like Deepak Shenoy, founder and chief executive of Capitalmind, have highlighted that the onus of this sort of verification should be with the income tax authorities and not on the startup. The regulation is basically urging the startups to ask for the investor’s income tax returns when the government can simply track it with a pan card number, he explained. In the current form, the Income Tax Act only mentions that investment from Securities and Exchange Board of India (SEBI)-registered venture capital funds or companies would not need such disclosure. “So technically, if a bank gives you a loan, you have the right to go to the bank and ask them their source of income,” Shenoy told Business Insider. Earlier the government was concerned<a href="https://www.businessinsider.in/business/startups/news/tax-rates-and-rules-change-expected-from-budget-2022/amp_articleshow/88899801.cms"> over Angel Tax </a>by trying to determine a startup’s valuation and that had issues of its own, he said. If one of my entrepreneur friends wants to borrow capital from me to pay salaries of their company's employees and I do give that capital for a short span of 15 days, the government would still require the startup founder to disclose the source of my income, Shenoy explained. I say I inherited that money from my father, then I show my father’s income proof?, he added. “What is the ease of doing business here?,” he added. But it seems like the government’s simple logic here is to avoid tax evasion. “The simple mechanism to avoid tax is that if I pay you, you have to charge me 18% GST [goods and services tax]. If you don’t want to pay that GST, instead of giving you the money, I say I invest in you or I buy your shares. Let’s say you give me 0.0001%, saying that the shares are sold at ₹75,000 a share and avoid taxes on it. You don’t have to pay income tax and GST, and you can use the money however you like,” Shenoy explained why the government had started scrutinising startup valuation in the first place. He also emphasised that the government needs to take notice that not all startups engage in such activities like tax evasion. According to Paras Nath, Partner of Tax and regulatory Services at TR Chadha and CO LLP, it was not always possible for the revenue department to scrutinise the books of creditor with reference to such credit transactions due to multiple challenges — including difference of jurisdiction, inability to scrutinise due to different assessment years involved and more. The government has added a compliance layer on startup's end to further strengthen Section 68 of the Income Tax Act and avoid tax evasion. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/zomato-founder-deepinder-goyal-sells-all-his-shares-in-blinkit-to-tiger-global/articleshow/89314970.cms" data-type="tilCustomLink">Zomato founder Deepinder Goyal sells all his shares in Blinkit to Tiger Global</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/hdfc-itc-titan-zee-entertainment-and-other-hot-stocks-on-february-3/slidelist/89311999.cms">HDFC, ITC, Titan, Zee Entertainment and other hot stocks on February 3</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-india-banned-over-2-million-accounts-in-december-2021/articleshow/89290341.cms">WhatsApp India banned over 2 million accounts in December 2021</a>

A tax guru explains all that is wrong with Indian government’s latest requirement for startups to disclose creditors’ source of income

Centre has extended the deadline for linking Aadhaar with PAN by six more months, till March 2022. The earlier deadline was till September 30. Accordingly, the decision came as a relief measure for tax players during pandemic era. "The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the Covid-19 pandemic, has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act, 1961," CBDT said in a statement late on Friday night. "Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, 2021 to 31st March, 2022." Besides, the due date for completion of penalty proceedings under the IT Act has also been extended from September 30, 2021 to March 31, 2022. "Further, the time limit for issuance of notice and passing of order by the 'Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988' has also been extended to 31st March, 2022." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/here-is-what-the-indian-film-industry-can-learn-from-gig-economy-firms-like-zomato-and-urban-company/articleshow/86293330.cms">Here is what the Indian film industry can learn from gig economy firms like Zomato and Urban Company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/gst-council-meet-no-new-tax-on-food-delivery-apps-swiggy-zomato/articleshow/86296326.cms">GST Council meet: No new tax on food delivery apps Swiggy, Zomato</a>

Deadline for PAN-Aadhaar linkage extended till March 2022

<ul><li>The recently concluded <keyword id="12648502" type="General" weightage="20" keywordseo="ipl-2023" source="Orion">IPL 2023</keyword> saw a 7% spike in food ordering, claims a report by Redseer. </li><li>Food ordering shot up 14% in Tier 2+ cities – that’s over 2X more than metros and Tier 1 cities. </li><li>Bulk order discounts will still help the market grow, says Redseer. </li></ul>It’s 7:30 pm… Chennai Super Kings are going to take on the Mumbai Indians… sixes and fours are going to flow… time for some munchies? A report by Redseer has found that food delivery platforms like Zomato and Swiggy rode the <keyword id="6354312" type="General" weightage="20" keywordseo="ipl" source="Orion">IPL</keyword> wave to their benefit and in the process facilitated sale of ‘side dishes’ the most, especially in tier-2 cities. A closer look at the report shows that pan-India the growth in food ordering due to IPL this time around has been only a modest 7%. For context, during the IPL seasons of 2018 to 2020 – before the Covid-19 disruption, the spike was anywhere between 43-52%. It is noteworthy that in that phase food delivery platforms like Swiggy and Zomato were much more aggressive in their customer acquisition campaigns which spanned from high-decibel prime time TV ads to offering exciting discounts. This time around, however, most of them are in retrenchment mode with a focus on profitability and opted for subtle and low-key strategies. Kushal Bhatnagar, associate partner at Redseer Strategy Consultants says that during the IPL seasons from 2017 to 2020, online food delivery giants offered discounts ranging between 50-60% across a wide array of restaurants, integrated their offerings with OTT platforms, and created customised advertisements for maximum impact. “These efforts even led to a spike of more than 50% in the IPL 2020 season. However, in the 2023 IPL season, there was a noticeable change in approach”, he added. The silver lining: Tier2+ cities wake up to the party Bharat or the Tier-2 cities’ love for all things new has come as a rescue in these times. Food ordering in this segment grew more than twice the rate seen in metros and Tier 1 cities. While the growth was at 6% in metro and Tier 1 cities, it was at 14% in Tier 2+ cities indicating the creation of new use cases amongst nascent users during the event. Also, group watching of IPL was one the triggers that led most people to order food online. “During the IPL, we go to our relatives’ house, which is nearby, and watch the match together. Since there are so many of us, we order some snacks to eat while watching the match,” a Tier 2 consumer was quoted as saying in the report. Such consumers, Redseer believes, can be targeted via bulk order discounts. Nascent online food ordering consumers’ outside food occasions typically involve group orders like relative, friends, family visits, the report says. Another Tier 2 consumer said that his wife, who is an IPL fan, was too engrossed in the match – and that led to food ordering. Redseer believes that most users in Tier 2+ markets stay in a joint family system and any ordering is governed at a family level. They can be targeted with family campaigns. Mature urban consumers prefer to order the main course of food online – indicated by the fact that biryani has always been the most popular dish ordered online. But that’s not the case with the new and emerging markets – they can be brought into the fold with complementary cuisine. “Complementary cuisines such as dessert and snacks are preferred by these consumers, and they can be tapped via focused campaigns and right supply,” Redseer says. Apart from campaigns, online food delivery giants will also have to build a supply of restaurants and suppliers who can take care of these consumers’ need for the ‘extras’ that will enhance their regularly home-cooked meals. SEE ALSO <a href="https://www.businessinsider.in/india/news/indians-want-to-spend-the-2000-note-but-it-doesnt-look-easy/articleshow/100496839.cms">Indians want to spend the ₹2,000 note but it doesn’t look easy</a> <a href="https://www.businessinsider.in/business/startups/news/angel-tax-changes-to-cheer-investors-aid-late-stage-funding-say-experts/articleshow/100422848.cms">Angel tax changes to cheer investors, aid late-stage funding say experts</a>

IPL nail biters, munchies and the demand for ‘sides’

<ul><li>Indian developers and startups are building an alliance to consider launching their app store – going against the tech giant <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword>.</li><li>Google’s recent rollout of new payment policies where developers would have to pay a 30% tax on all in-app purchases, did not bode well with Indian startups. </li><li>Google has also sent violation notices to startups like Paytm, Swiggy, and Zomato for their in-app gamification concerning IPL.</li></ul>Indian developers and startups are getting together for a revolt of sorts – by building an alliance against the tech giant Google. According to <a href="https://techcrunch.com/2020/09/30/indian-startups-explore-forming-an-alliance-and-alternative-app-store-to-fight-googles-monopoly/">reports</a>, the likes of Paytm's Vijay Shekhar Sharma, MakeMyTrip’s Deep Kalra, and many other startup founders are forming an alliance to consider an <keyword id="10031407" type="UNKNOWN" weightage="20" keywordseo="Indian-app-store">Indian app store</keyword>. The development comes as many recent moves from Google have put Indian startups in a tough spot. It began with Paytm being removed for a few hours from the Play Store. Google had said that Paytm violated rules regarding fantasy gaming promotions. Google had said that “offering cashbacks and vouchers alone do not constitute a violation of our Google Play gambling policies”. It also let out a warning in its statement that further violations will make for stricter actions. Sharma had then gone on record to say that Google was acting like the “<a href="https://www.businesstoday.in/current/corporate/google-is-judge-jury-executioner-paytm-hits-back-after-play-store-takes-down-app/story/416522.html">judge, jury and executioner</a>”. It was followed by Google rolling out new payment policies where developers would have to pay a <a href="https://www.businessinsider.in/tech/news/google-plans-to-shut-the-loophole-that-lets-netflix-spotify-and-tinder-avoid-paying-its-30-app-tax/articleshow/78383294.cms">30% tax</a> on all in-app purchases and even included entertainment, education, dating, and fitness apps in the list. Although the tech giant had said this policy is only applicable to less than 3% of developers with apps on Google Play, the Indian developer community didn’t seem too happy about it. Many took to Twitter to say that it’s high time India needs its own app store. <div type="twitter" handle="harshilmathur" handlename="Harshil Mathur" image="http://pbs.twimg.com/profile_images/1073516284837425153/ODQ9QvTu_normal.jpg" favoritecount="351" retweetcount="41" status="India needs a local app store long term else 30% tax will eat up most businesses, is anyone trying to build one? https://t.co/cSdLvjPFVi" createdat="1601359795000" id="1310824105503932417"></div> <div type="twitter" handle="TVMohandasPai" handlename="Mohandas Pai" image="http://pbs.twimg.com/profile_images/563397282020618240/BsxVmVtk_normal.jpeg" favoritecount="390" retweetcount="107" status="Yes, we need an Indian App Store @GoI_MeitY @rsprasad @buzzindelhi @sharads Can Digital india do this?… https://t.co/YF5bAkRQJV" createdat="1601368752000" id="1310861673540931584"></div> <div type="twitter" handle="deepakabbot" handlename="deepakabbot" image="http://pbs.twimg.com/profile_images/1197371543287816192/pYK77Tn7_normal.jpg" favoritecount="385" retweetcount="117" status="Play Store's new payments policy from 20-1-2021 has also now included education, dating &amp; fitness to use google bil… https://t.co/SND7YF0jiE" createdat="1601349519000" id="1310781004123054081"></div> <div type="twitter" handle="kunalb11" handlename="Kunal Shah" image="http://pbs.twimg.com/profile_images/1190747917998546944/D3U5FNa7_normal.jpg" favoritecount="1034" retweetcount="34" status="Like gaming maybe dating and education apps may soon get off app stores and get users to “side load” in hopes to save costs." createdat="1601357631000" id="1310815029533356033"></div> Recently, even food tech unicorns Swiggy and Zomato fell on the wrong side of Google’s policies. Both the startups received notices for their cashback and offer related to the IPL for promoting in-app gamification. Zomato confirmed the development to <a href="https://tech.economictimes.indiatimes.com/news/internet/google-sends-notice-to-swiggy-zomato-for-violation-of-play-store-guidelines/78407479">ET</a> and said, “We are a small company and have already realigned our business strategy to comply with Google’s guidelines. We will be replacing Zomato Premier League with a more exciting program by this weekend.” Swiggy also has hit pause on its IPL-led games on the app. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/chemcon-shares-list-at-731-double-the-issue-price/articleshow/78420493.cms">Chemcon makes a lot of money for its IPO investors — shares list at double the issue price</a> <a href="https://www.businessinsider.in/business/news/reliance-retail-raises-another-1875-crore-as-silver-lake-comes-back-with-an-additional-investment/articleshow/78412992.cms">Reliance Retail raises another ₹1,875 crore as Silver Lake comes back with an additional investment</a>

Indian startup giants are considering a 'Made in India' alternative for app store —  in a bid to tackle Google's 'monopoly'

<ul><li>The Indian government is planning to infuse more money towards Venture Capital (VC) fundings from its startup India fund that was initiated three years ago, to foster startup fundings at early stage. </li><li>As of now, of the ₹100 billion fund, only 19% has reportedly been invested towards <keyword id="7178479" type="UNKNOWN" weightage="20" keywordseo="venture-capital-fundings">venture capital fundings</keyword> for <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> — and the Indian government is planning to increase it to 33% by the end of this fiscal. </li><li>It takes four-five months for a VC to apply and get funds approved from government — the government claims to trim it to two-three months with the introduction of automation.</li></ul>Prime Minister Narendra <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword>’s startup India fund, which was introduced three years ago to foster startups at early stages, has reportedly allocated only 19% of its total capital so far. The total corpus under the ‘fund-of-funds’ initiative is ₹100 billion — and the Indian government is planning to increase it to 33% by the end of this fiscal, TOI <a href="https://timesofindia.indiatimes.com/business/india-business/startup-india-fund-allocates-just-19-to-vcs-in-3-years/articleshow/67316586.cms">reported</a>. The funds are allocated to venture capital funds, which have to, in turn, invest at least double the amount that the government pumps in for startups. Around ₹19 billion fund has been engaged into VC firms up to December 2018, said Mohammad Mustafa, chairman and managing director of the Small Industries Development Bank of India. He further added that they <a href="https://timesofindia.indiatimes.com/business/india-business/startup-india-fund-allocates-just-19-to-vcs-in-3-years/articleshow/67316586.cms">aim to conclude</a> this financial year allocating ₹33 billion to fund-of-funds. In fact, to ease the process of VCs raising capital from such initiatives by government, the Startup India Fund is also planning to launch ‘automation’ by next financial year. However, the initiative has faced criticism because of the <a href="https://www.businessinsider.in/the-indian-government-may-roll-back-a-tax-on-angel-investments-that-is-said-to-be-hurting-the-countrys-startup-ecosystem/articleshow/67177981.cms">‘angel tax’</a>, which applies to startups that were formed before 2016. Recently, India’s Income Tax Department issued notices to nearly 150 fresh startups. In response to the aggressive complaints, the government claims that they will not threaten startups to pay the tax. In all, it takes four-five months for a VC to apply and get funds approved from government — the government claims to trim it to two-three months with the introduction of automation. Meanwhile, the Indian government is said to be making it easier for the country’s startups to tap the Initial Public Offerings (IPO) market as an <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">alternative capital </a>source. Overall in 2018, <keyword id="982553" type="PERSON" weightage="20" keywordseo="Indian-startups">Indian startups</keyword> raised more money through fundings and financing via the venture capital route, beating other Indian companies that raised money via IPOs this year, according to data from research firm, VCCEdge. Under the venture capital funding, <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">India’s recent unicorns</a> raised ₹70 billion in its latest round of fundings from international investors such as Naspers and SoftBank among others. In fact, Swiggy entered the ‘unicorn club’ last year, accompanied by the homegrown food major, Zomato, which raised ₹13.99 billion from Alibaba Group’s subsidiary — Ant Financial Services. See also: <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">For Indian startups, 2018 has been a year of bouncing back as venture capital funding doubles</a> <a href="https://www.businessinsider.in/the-indian-government-may-roll-back-a-tax-on-angel-investments-that-is-said-to-be-hurting-the-countrys-startup-ecosystem/articleshow/67177981.cms">The Indian government may roll back a tax on angel investments that is said to be hurting the country’s startup ecosystem</a> <a href="https://www.businessinsider.in/indias-largest-online-learning-service-is-all-set-to-become-the-4th-highest-valued-indian-startup-with-a-254-billion-valuation/articleshow/66474294.cms">India’s largest online learning service is all set to become the 4th highest valued Indian startup with a ₹254 billion valuation</a>

You Searched For "zomato tax notice" and got 10 results

Zomato stock down after Rs 400 cr show-cause notice for GST dues

IANS

Zomato gets service tax demand and penalty order of ₹184 crore

PTI

'Will my tickets get canceled now?' people who purchased tickets from scalpers during the Diljit-Coldplay mania ask

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Zomato hikes platform fee to ₹4 across key cities after bumper NY Eve

BI India Bureau

Tamil Nadu government is upset about losing money on luxury cars

Kritti Bhalla

A tax guru explains all that is wrong with Indian government’s latest requirement for startups to disclose creditors’ source of income

Kritti Bhalla

Deadline for PAN-Aadhaar linkage extended till March 2022

IANS

IPL nail biters, munchies and the demand for ‘sides’

Katya Naidu

Indian startup giants are considering a 'Made in India' alternative for app store — in a bid to tackle Google's 'monopoly'

Sanchita Dash

The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups

BI India Bureau

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