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ZEE Entertainment receives GST notice for non-compliance, amounts to Rs 27 million
Zee Entertainment said, 'There are merits in the case, and will take necessary legal recourse under the available law by filing an appeal before the appellate authority'
The advertisement and publicity expenses of Zeel plunged to Rs 275 crore compared to Rs 289 crore in Q1 FY25
Zee Entertainment Limited on Friday received orders from the Assistant Commissioner of CGST & CEX, Mumbai Central, and the Joint Commissioner, Central GST Noida, related to GST violations. According to the BSE filing of the company, the orders determined a GST amount of Rs 3.77 million with interest and a penalty of Rs 0.38 million for non-filing of GSTR 3B returns between April 2020 and March 2021. Another order determined a GST payable amount of Rs 23.22 million with interest and a penalty of Rs 2.32 million.
Zee Entertainment said, "There are merits in the case, and will take necessary legal recourse under the available law by filing an appeal before the appellate authority".
Earlier this month, Tamil Nadu tax authorities slapped a fine on ZEEL of Rs 0.40 million, along with Rs 16.56 million in interest for what officials say was excess credit availed between July 2017 and March 2018.
The tax authorities said that ZEEL claimed more input tax credit than permitted, leading to a reassessment of its tax obligations.
ZEEL said it would challenge the notice by filing an appeal within three months. The entertainment firm assured stakeholders that the notice would not have a significant impact on its financial stability or daily operations.
Shares of ZEEL were down 4.48 percent at Rs 92.76 at 3:33 pm on Friday.
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