Court allows ByteDance to operate Indian bank accounts if it deposits Rs 78.91 crore

The Bombay High Court directed ByteDance to deposit the money in any nationalised bank towards the demand raised by the GST authorities

e4m by exchange4media Staff
Updated: Apr 7, 2021 3:37 PM
bytedance

The Bombay High Court has permitted Chinese tech company ByteDance to operate its Indian bank accounts provided it deposits a sum of Rs 78.91 crore in a state-run bank. The company's bank accounts had been frozen by the Goods and Services Tax (GST) authorities over alleged tax evasion.

A bench of Justices SP Deshmukh and Abhay Ahuja said that the company could operate its other Indian bank accounts and utilise the remaining funds. The bench also directed ByteDance to deposit Rs 78.91 crore in any nationalised bank towards the demand raised by the GST authorities.

ByteDance had approached the Bombay High Court to quash the tax recovery efforts of the Goods and Services Tax (GST) authorities. Earlier, ByteDance had to lay off a large chunk of its 2000 strong employees in India due to the Indian government's decision to permanently ban 59 Chinese apps including TikTok and Helo.

"At ByteDance, we are committed to abiding by local laws and regulations. While we disagree with the decision of the tax authority in this matter, we will extend our full cooperation to the government," a ByteDance spokesperson had said.

In mid-March, the tax authorities had ordered the blocking of two of ByteDance India's bank accounts in Citibank and HSBC for evading certain taxes in online advertising dealings between ByteDance India and its parent entity in Singapore, TikTok Pte Ltd.

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