Kerala Commercial Taxes Department has slapped a fine of Rs 53.63 crore on online trading companies., ie Vector e-commerce, Flipkart, Robemall Apparels and Jabong for allegedly doing illegal business in the state. The fine was imposed by the intelligence wing of the Commercial Taxes Department. The companies have been penalized for evading taxes for the last two years.
The fine details are,
- Flipkart – Rs 47.15 crore
- Jabong – Rs.3.89 crore
- Vector e-commerce – Rs 2.23 crore
- Robemall Apparels – Rs 36 lakh
Knowledge is Wealth
- E-Commerce or Electronic commerce is nothing but trading in products or services using computer networks, such as the Internet.
- Flipkart is an Indian e-commerce company established in 2007 by Sachin Bansal and Binny Bansal. Legally, Flipkart is not an Indian company, since it is based in Singapore, and majority of its shareholders and investors are foreigners.
- Some of the World’s Largest E-Commerce companies are Amazon and eBay of United States, Alibaba of China and Rakuten of Japan.