Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit.
E-commerce major Flipkart has burnt cash of $3.7 billion (about Rs 30,000 crore) in about a year ending September 2022, according to regulatory filings. Flipkart had $1 billion in cash in July 2021, which came down to $887 million by September 2022. The company, in July 2021, raised $3.6 billion (about Rs 29,000 crore), which has been completely exhausted, according to regulatory filings of Flipkart and Walmart.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
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