Thursday, February 2nd, 2023

PhonePe had to pay tax of Rs 8,000 crore in India, the company suffered a huge loss

Photo: File PhonePe had to pay Rs 8,000 crore tax in India

PhonePe Pay Tax: India is a very big market from business point of view. Companies from all over the world want to come here and do business with us, but when they are asked to follow the rules made by the government, they start telling different stories. This time the same condition has happened on the phone. Due to doing business in India today, Phone Pe has become one of the largest fintech company in the country, but when it came to paying taxes, it started telling itself at a loss. In fact, PhonePe said on Wednesday that it had to pay taxes worth Rs 8,000 crore to make India its home again. The company said that it is estimated that it may have an accumulated loss of Rs 7,300 crore, however, it will be offset by future profits. The company, which has a valuation of more than ten billion dollars, said that local laws related to establishing domicile of businesses are not progressive.

CEO Sameer Nigam gave information

Sameer Nigam, co-founder and chief executive officer (CEO) of PhonePe, said during an online session that due to the current law related to the company’s domicile, the employees got all the benefits under the ‘Employee Stock Ownership Plan (ESOP)’. Had to wash hands with encouragement. The company’s co-founder and chief technology officer Rahul Chari was also present at the event. If you wish to make India your domicile, you will have to undergo a fresh market valuation and pay taxes.

had to come back to india

Our investors had to pay around Rs 8,000 crore to get permission to come back to India. If a business is not fully mature then it is a big blow for it. PhonePe was able to weather the blow because it has long-term investors like Walmart and Tencent. Let me tell you, PhonePe came back to India in October 2022.

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