Digital Payments major One 97 Communications Ltd, the parent company of fintech giant Paytm, has been slapped with a Rs 1.19 crore penalty by the Central Goods and Services Tax (CGST) Department for alleged non-compliance with tax regulations while CEO Vijay Shekhar Sharma has been personally fined Rs 59.9 lakh.
One97 communications maintains that the order is not legally tenable and is evaluating its options, including filing an appeal. The GST department has alleged that the company violated provisions of the Goods and Services Tax Act specifically related to the issuance of tax invoices for financial years 2020-21, 2021-22, and 2022-23.
Last August One 97 Communications was ordered by the Office of Collector of Stamps, New Delhi, to pay a penalty of Rs 47.12 lakh for not paying stamp duty on the allotment of equity shares in previous years.
