Is Paytm Involved In Tax Stealing & Playing Around With Indian Tax System, Fooling Around Government & Public?
PAYTM is a company which has always surprised Indian public, whether it is with their decisions or with their products, services and news. Let us first understand the background of these recent events.
Recently, Paytm has given shock waves on multiple occasions to the Indian Public.
A recent revelation by Paytm brought into light losses beared by the firm amounting to Rs. 4217 crores. “As a part of its annual report, a copy of which was reviewed, One97 Communications’ consolidated losses soared to Rs 4,217.20 crore in the fiscal year 2018-19”, said the revelation. One97 Communications reported a loss of Rs 899.64 crore in FY’17.
Hence, the losses from the last fiscal (FY’19) have mounted by almost five times. Soon after, another shocking news was released stating that the payment aggregator, Paytm, is planning on buying stake in YES Bank.
Further on, One97, the parent company of Paytm, has infused an amount of Rs 31.68 crores in its Entertainment Business Wing.
Also, Paytm Money is due Rs. 40 crores from One97 Communications, as recorded. Above all, Paytm has revealed that it plans to invest Rs. 250 crores across its Travel Business.
Among all this chaos, there are a couple questions that any common man should raise :
1. What is the source of the money that Paytm has been utilizing to invest in its own ventures so extensively and also purchase stakes in YES Bank?
2. Owing to the current slowdown and shrinking state of the economy, with every sector contracting its business operations and below average yield of every sector, how has Paytm been acquiring such large sums of money?
3. How One97 is even able to make such heavy investments when they have declared the heavy losses in their current audit reports?
As per reports, even the biggest business giants of the country like TATA, Maruti & Mahindra are shutting down operations for short durations due to shrinking profits.
4. How is it that two contradictory activities like expansion and losses are being observed simultaneously in an organization like Paytm?
If the inconsistency of the recent events are observed, it can be easily derived that the organization in question, PAYTM, has been managing their earnings only to take unfair advantage of the current tax system prevailing in the country and has been recording losses in their balance sheet with the motive of avoiding taxes.
They are mobilizing money towards expanding their organization by manifolds, whilst taking advantage of the limited knowledge of the common man and shortcomings of the financial system of the country.
This inconsistency and poor financial management from an organization that plays a crucial role in an economy building upon digitalization is highly disappointing.
This acts as a call to people using such payment gateways and applications to be more aware and alert and not become mere preys to such situations.
Recently Paytm has been under the spotlight lately due to controversial rehiring of Sonia Dhwan.
In October, last year, Noida Police arrested three employees of the Fintech Major, PAYTM, one of them being Sonia, in an alleged extortion case involving the company’s founder Vijay Shekhar Sharma, which led to Sonia spending five months in jail before being released on bail.
At the end all we can say is that paytm is a company which loves giving shocks to the Indian citizens.
Disclaimer: This Article Is Written By Editor Of Inventiva With His Own Research. This Article Represents Personal Investigation Of The Writer. Parent Company Of Inventiva, Its Owner & Inventiva itself as a company has nothing to do with this article.
