Flipkart is an Indian electronic commerce company based in Bengaluru, India. Founded by Sachin Bansal and Binny Bansal in 2007 and formerly worked for Amazon, the company initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products.
Flipkart co-founder Sachin Bansal has paid about Rs 699 crore as an advance tax for the first quarter of 2018-19, which includes capital gains from the sale of his stake in Flipkart to US retail major Walmart, from sources.
His partner and co-founder Binny Bansal is yet to disclose capital gains from his stake sale in the e-commerce company, said the above-mentioned sources on the condition of anonymity.
The Income Tax department had earlier sent notices to both the Bansals, as well as to other stakeholders such as Softbank and eBay to disclose capital gains made by the sale of their shares in Flipkart.
Both Binny and Sachin are yet to declare the total gains to the tax department, said one of the sources.
Last year, Walmart had paid Rs 7,440 crore to the tax department as withholding tax.
In August 2018, U.S. based retail chain Walmart acquired a 77% controlling stake in Flipkart for $16 billion USD
The tax department is yet to calculate the actual capital gains tax applicable as it is still investigating the complex structure of the investments made in Flipkart especially by eBay, the report said.
The income tax department had earlier sent notices to Sachin and Binny Bansal, the co-founders of the Singapore-listed company as well as other stakeholders such as Softbank and eBay to disclose the capital gains made on the sale of their shares in Flipkart.
Both Binny and Sachin are yet to declare the total gains to the IT department. The co-founders of the company have not yet responded to the tax department query with deal details and about the tax due to capital gains.
The announcement of Walmart's deal, eBay announced that it would sell its stake in Flipkart back to the company for approximately US$1.1 billion, and re-launch its own Indian operations.